/raid1/www/Hosts/bankrupt/TCRAP_Public/050914.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, September 14, 2005, Vol. 8, No. 182
Headlines
A U S T R A L I A
ACONRAN PTY: Liquidator Set to Explain Winding Up Manner
A.C.N. 006 963 293: Creditors Decide to Wind Up Business
AIR NEW ZEALAND: Launches Virtual In-Flight Experience
AUSTRAL COAL: Centennial Varies Extension of Offer Period
BARTON INVESTMENTS: Poised to Pay Dividend Today
CAVSON PTY: Creditors Opt for Voluntary Liquidation
CHAKEV PTY: Members Agree to Cease Operations
CLIFFORD CORPORATION: Former Director Gets 3-Year Jail Sentence
CRA STEELFIXING: Court Appoints Official Liquidator
CRYSTAL MOVIES: Final Meeting Fixed September 21
EG GREEN: Administrators Seek Possible Buyers
EVANS & TATE: Turns to AU$49.8-Mln Net Loss This Year
FINE TOUCH: Winding Up Process Initiated
GAYOL PTY: Enters Liquidation
GOLDSIL PTY: Gregory Andrews Named Liquidator
GOLF EXPO: Members, Creditors to Receive Wind Up Report
GRAPHIQUE PRESS: Court Issues Winding Up Order
HACLOW PTY: Declares First, Final Dividend
LAOMA PTY: Members Pass Winding Up Resolution
MILLER'S RETAIL: Bleeds AU$103 Mln in 2004/05
NEPEAN LANDS: Placed Under Voluntary Liquidation
PAN PHARMACEUTICALS: Ex-boss Didn't Disclose Gravity of TGA Data
P.R. ELECTRICS: Declares Dividend Today
SUNSET POINT: Winds Up Business
SWANCOVE ENTERPRISES: Unlicensed Financial Services Stopped
TELSTRA CORPORATION: Democrats Say Joyce Will Vote on Sale
TELSTRA CORPORATION: Beazley Slams Sale Rush
TYNE INTERNATIONAL: Inability to Pay Debts Prompts Liquidation
VINTAGE WOOD: Members, Creditors to Hear Liquidator's Report
WILLIAM KIMBERLEY: Set to Pay Out Dividend to Creditors
* South Australian Former Director Found Guilty of Contempt
C H I N A & H O N G K O N G
APT SATELLITE: Narrows 1H05/2005 to HK$10.39 Mln
CHARTERED CAPITAL: Creditors Meeting Set October 7
CHINA SOUTHERN: Says August Passengers Up 64.7% On-Year
EMPEROR INTERNATIONAL: Clarifies Restructuring Report
EVERBRIGHT BANK: Awaits CNY10-Bln State Bailout
FIVE TOWNS: To Undergo Winding Up Process
GUANGDONG KELON: Updates Major Litigations, Arbitrations
HARVEST TANK: Faces Winding Up Proceedings
INDUSTRIAL AND COMMERCIAL: To Double Revenues to CNY21 Bln
MANHATTAN CARD: Creditors Meeting Slated for October 7
MASTERGUIDE LIMITED: Receives Winding Up Notice
SO WISE: Court Releases Winding Up Order
STANDARD CHARTERED: Creditors Meeting Fixed October 7
TRADE PRODUCTS: Schedules Creditors' Meeting October 7
I N D I A
AIR INDIA: Government Likely to Approve IPO
AIR INDIA: To Launch Bahrain-Delhi Discount Unit in April
I N D O N E S I A
PERTAMINA: Provincial Units Susceptible to Oil Smuggling
PERTAMINA: Local Gas Firm Files Suit for Gas Supply Shortage
PERTAMINA: Urged to Maximize Use of Locally-Produced Crude Oil
SEMEN GRESIK: Strives to Increase Capacity to Meet Demand
J A P A N
HITACHI LIMITED: Reaps JPY3-Bln Profit from Elpida Share Sale
KANEBO LIMITED: Accountants Face Fraud Charge
MITSUBISHI MOTORS: Details 2005 Frankfurt Motor Show
MITSUBISHI FUSO: Welcomes New President
RESONA BANK: Two Banks Integrate Computer Systems
SEIBU RAILWAY: Rules Out Sale of Lions
UFJ HOLDINGS: Reset Conversion Ratios for Class IV, V Shares
K O R E A
HANARO TELECOM: Reorganization to Boost Sales, Service Functions
M A L A Y S I A
ANCOM BERHAD: Repurchases 51,000 Ordinary Shares
ANTAH HOLDING: Releases Monthly Status of Payment in Default
CEPATWAWASAN GROUP: Shareholders OK AGM Resolutions
DATUK KERAMAT: Court Dismisses Wind-Up Petition
DUOPHARMA BIOTECH: TMSB Acquires Shares
KENMARK INDUSTRIAL: Clinches MYR50-Mln Loan
KIG GLASS: Net Loss Widens to MYR15,330,000
MAGNUM CORPORATION: Issues New Shares for Listing, Quotation
MERCES HOLDINGS: Winding Up Hearing Moved to November 10
NAIM INDAH: Bourse to List, Quote New Shares
OILCORP BERHAD: Snags New Term Loan Facility
PANGLOBAL BERHAD: Submits Restructuring Scheme Application
PUNCAK NIAGA: New Shares Up for Listing, Quotation
SIN KEAN: Acquires Mecglow Shares
TA ENTERPRISE: Units Acquire Astra Dynamik Shares
TENCO BERHAD: Shareholders Approve All Resolutions at Meeting
TRADEWINDS CORPORATION: Extends Agreement Until September 30
P H I L I P P I N E S
LEPANTO CONSOLIDATED: Confirms Signing of MOA with Union
MAKATI MEDICAL: Union Files Strike Notice
MANILA ELECTRIC: Customers to Enjoy Lower Rates This Month
NATIONAL FOOD: Requires Clearance in Transporting Rice
NATIONAL POWER: WB OKs Sale of Masinloc Plant to YNN Pacific
S I N G A P O R E
EI-NETS LIMITED: Appoints New Executive Chairman
GLOBAL AERO: To Distribute Dividend to Creditors
MAGNUS ENERGY: Acquires Majority Stake in Indonesian Firm
PENTON INTERNATIONAL: AGM Fixed September 28
VIRAJAYA INTERNATIONAL: Creditor Seeks Winding Up
T H A I L A N D
DAIDOMON: Court to Decide on Petition September 30
HANTEX: Gets Court Nod to Undergo Business Rehabilitation
SINO-THAI RESOURCES: Details Directors' Resignation, Appointment
- - - - - - - -
=================
A U S T R A L I A
=================
ACONRAN PTY: Liquidator Set to Explain Winding Up Manner
--------------------------------------------------------
Notice is given that an annual and final general meeting of
members and creditors of Aconran Pty Limited will be held on
Sept. 21, 2005, 11:30 a.m. at the offices of Foremans Business
Advisors (Vic) Pty Limited, Suite 8, 56-60 Bay Road, Sandringham
Vic 3191 to have an account laid before them showing the manner
of the winding up and disposal of the property of the Company,
and to hear any explanations that may be given by the
Liquidator.
Dated this 9th day of August 2005
Dean R. McVeigh
Liquidator
Foremans Business Advisors (Vic) Pty Limited
Suite 8, 56-60 Bay Road, Sandringham Vic 3191
Phone: 03 9521 6662
A.C.N. 006 963 293: Creditors Decide to Wind Up Business
--------------------------------------------------------
Notice is hereby given that on Aug. 8, 2005, the following
special resolution was passed:
(1) That A.C.N. 006 963 293 Pty Limited be wound up voluntarily
in Relating to a Creditors' Voluntary Winding Up, and
(2) That K. L. Sutherland, Chartered Accountant of Level 5, 332
St Kilda Road, Melbourne be appointed Liquidator for such
purpose.
Dated this 9th day of August 2005
K. L. Sutherland
Liquidator
Bent & Cougle Chartered Accountants
Level 5, 332 St Kilda Road
Melbourne Vic 3004
AIR NEW ZEALAND: Launches Virtual In-Flight Experience
------------------------------------------------------
Air New Zealand has launched a new online initiative that will
give customers the opportunity to explore all the exciting new
features of its revamped long-haul service from the comfort of
their own computer.
Launched last week, `Explore' is a state-of-the-art interactive
tour of Air New Zealand's refitted 747 aircraft, and comes
complete with streaming video and simulated aircraft audio, plus
a personal flight attendant to guide customers through the tour.
"'Explore' creates a new level of experience for our customers
by allowing them to virtually touch, feel and navigate their way
around our new long-haul product all from the comfort of their
computer," says Air New Zealand General Manager Marketing,
Network and Sales Norm Thompson.
"This new paradigm of in-flight experience redefines how we
deliver information to our customers and builds upon our already
established online booking system, which is increasingly being
used to book international travel."
Customers visiting `Explore' will be greeted by an Air New
Zealand flight attendant who will explain the navigational
features of the interactive tour before inviting customers to
embark on the long-haul journey.
Flashing hotspots highlight areas of the plane available for
exploration including Business Premium Class with its flagship
lie-flat beds, and Pacific Premium Economy and Pacific Economy
Classes.
"Each area explored is accompanied by commentary from the flight
attendant, and close up images and descriptions of our new
products and services, as well as a cabin-wide view of each
area, controlled by the customer.
"It's extremely easy to use and is a fun and simple way to see
and hear about all the different features of our new service
from seating configurations through to our refreshed food and
beverage menu. Customers can even check out the new amenities on
offer in the restrooms!" says Mr Thompson.
The interactive tour took ten weeks to develop and involved
shooting imagery, sound and video onboard the aircraft, which
was then transformed into an interactive flash movie.
"The virtual tour is the first step towards creating a more
enjoyable online experience for customers who use our website.
"'Explore' will enhance areas of our website where a written
explanation of our service would be better represented by a
video. For example, a customer booking a flight who is unsure of
the difference between Premium Economy and Business Premier will
be able to immediately experience this with a few clicks of
their mouse," says Mr Thompson.
CONTACT:
Air New Zealand Limited
Air New Zealand Airpoints Service Centre
Private Bag 4755
Christchurch
New Zealand
Phone: +64 (0)9 488 8777
Fax: +64 (0)9 488 8787
E-mail: enquiry@computershare.co.nz
Web site: http://www.airnz.co.nz/
AUSTRAL COAL: Centennial Varies Extension of Offer Period
---------------------------------------------------------
Centennial Coal Company Limited ABN 30 003 714 538 (Centennial)
gave notice under section 650D(1) of the Corporations Act 2001
(Cth) that it varies the takeover offers dated 21 March 2005
(Offers) made by it under its off-market takeover bid to acquire
all of the ordinary shares in Austral and contained in its
bidder's statement dated 9 March 2005 (as supplemented) by
extending the offer period during which the Offers will remain
open for acceptance until 7.00pm Sydney time on 26 September
2005 (unless further extended).
The Offers were previously varied by notices dated 22 April, 17
May, 30 May, 10 June, 24 June, 11 July, 25 July, 1 August, 15
August and 29 August 2005.
A copy of this notice was lodged with the Australian Securities
and Investments Commission (ASIC) on 12 September 2005. ASIC
takes no responsibility for the contents of this notice.
CONTACT:
Austral Coal Limited
ACN 069 071 816
Level 18, 25 Bligh Street Sydney
NSW 2000 Australia
Telephone: 61+02+8256-4700
Facsimile: 61+02+9235-0997
E-mail: info@austcoal.com.au
Web site: http://www.austcoal.com.au
BARTON INVESTMENTS: Poised to Pay Dividend Today
------------------------------------------------
Barton Investments Pty Limited will declare a first and final
dividend today, Sept. 14, 2005.
Creditors whose debts or claims have not already been admitted
are required to formally prove their debts or claims today. If
they do not, they will be excluded from the benefit of the
dividend.
Dated this 1st day of August 2005
Richard Judson
Liquidator
Members Voluntarys Pty Limited
1st Floor, 10 Park Road
Cheltenham 3192
CAVSON PTY: Creditors Opt for Voluntary Liquidation
---------------------------------------------------
Notice is hereby given that at a meeting of creditors of Cavson
Pty Limited held on Aug. 12, 2005, it was resolved that the
Company be wound up and Daniel I. Cvitanovic of Level 1, 121-123
Crown Street, Wollongong NSW 2500 was appointed Liquidator for
the winding up.
Dated this 12th day of August 2005
Daniel I. Cvitanovic
Liquidator
Chartered Accountant
Level 1, 121-123 Crown Street
Wollongong NSW 2500
CHAKEV PTY: Members Agree to Cease Operations
---------------------------------------------
Notice is hereby given that at general meetings of the members
of Chakev (Australia) Pty Limited held on Aug. 9, 2005, it was
resolved that the Company be wound up voluntarily by the
Members, and that Richard Herbert Judson of Members Voluntarys
Pty Limited be appointed Liquidator.
Dated this 10th day of August 2005
Richard Judson
Members Voluntarys Pty Limited
PO Box 819, Moorabbin Vic 3189
CLIFFORD CORPORATION: Former Director Gets 3-Year Jail Sentence
---------------------------------------------------------------
Mr. Jeffrey Lucy, Chairman of the Australian Securities and
Investments Commission (ASIC) on Tuesday noted that Mr. John
Barrie Loiterton, known as Barrie Loiterton, had been sentenced
to three years in prison by the New South Wales Supreme Court
following an ASIC investigation.
Mr. Loiterton was jailed after pleading guilty to one charge of
making a false or misleading announcement to the Australian
Stock Exchange (ASX) in late 1998 while a director of Clifford
Corporation Ltd (Clifford). At the time, Clifford was
Australia's largest manufacturer of heavy vehicles, such as
buses and coaches. Mr. Loiterton was ordered to serve a minimum
of 18 months in prison.
Mr. Lucy said company directors are expected to act honestly,
and ensure that the information they provide to the market is
true and correct.
"ASIC will continue to vigorously pursue company directors who
fail to uphold their responsibilities."
"The public is entitled to expect that they can trade in a fair
and open market. ASIC will ensure that anyone who makes
misleading statements to maintain or stabilize the market price
of securities or induce persons to purchase shares is brought to
account for their actions," Mr. Lucy said.
Mr. Loiterton was a director of the Clifford Corporation Ltd
Group of companies (the Group), which collapsed in late 1998,
leaving creditors and shareholders with a deficiency in excess
of $90 million.
The charge against Mr. Loiterton arose from an announcement made
by Clifford to the ASX on 21 October 1998, relating to the
purported sale of Signature Group Australia Limited (Signature),
one of the Group companies, to an American company IB Your
Office International Holdings Inc. The announcement was
misleading because it stated Clifford was to receive cash for
its Signature shares when in fact, Clifford was to receive
shares in the company IB Your Office International Holdings Inc.
Further, Clifford had an obligation to locate buyers for the
shares in IB Your Office International Holdings Inc.
On 11 November 1998, the ASX suspended trading in Clifford
shares because of its failure to lodge its accounts. The company
was placed in voluntary administration on 9 December 1998, and
it soon went into liquidation.
Today's result follows the conclusion of a civil penalty
proceeding with penalty judgment handed down against Mr.
Loiterton on 30 September 2004. The civil penalty hearing was
taken in 2003 against Mr. Loiterton, Mr. Ian Robert Hall and Mr.
Ian Sapier, also former directors of Clifford, and Mr. Peter
James Loiterton, a former director of Clifford's subsidiary,
Signature.
Background
ASIC's investigation, commenced in late 1998, disclosed that the
directors of the Clifford Group and its subsidiaries entered
into various fictional and non-commercial transactions, which
had the effect of increasing the Group's reported profit for the
1996-97 financial year.
In 2000, ASIC commenced proceedings in the NSW Supreme Court
seeking declarations that Mr. Loiterton and his co-defendants
had contravened various provisions of the Corporations Act
2001(the Act). ASIC's actions also sought penalties, banning
orders and compensation orders.
Penalties were handed down by the Court on 30 September 2004.
The penalties followed formal declarations by the Court on 17
May 2004 that each of the directors of Clifford, and Mr. Peter
Loiterton had contravened various provisions of the Act.
The Court found that Mr. Loiterton had committed 29 breaches,
including 13 acts of dishonesty, and on 30 September 2004
ordered that he be banned from managing a corporation for 17
years (from the date of his bankruptcy, 12 July 2002), pay a
pecuniary penalty of $400,000, and pay a maximum of 70 per cent
of ASIC's costs.
ASIC did not pursue the compensation orders given that Mr.
Loiterton is an undischarged bankrupt.
Last Friday, 9 September 2005, Mr. Ian Robert Hall was sentenced
to two years and one month in prison, after pleading guilty to
one charge of insider trading in late 1998 while a director of
Clifford. Mr. Hall was ordered to serve a minimum of one year in
prison.
The Commonwealth Director of Public Prosecutions conducted the
prosecutions and the sentencing of Mr. Loiterton and Mr. Hall.
CRA STEELFIXING: Court Appoints Official Liquidator
---------------------------------------------------
On Aug. 9, 2005, the Supreme Court of New South Wales, Equity
Division ordered that Christopher J. Palmer be appointed
Liquidator for the winding up of CRA Steelfixing Pty Limited.
Dated this 23rd day of August 2005
Christopher J. Palmer
Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street
Sydney NSW 2000
CRYSTAL MOVIES: Final Meeting Fixed September 21
------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Crystal Movies Pty Limited will be held on Sept.
21, 2005, 11:30 a.m. at Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000.
The purpose of the meeting is to lay before the members and
creditors an account for the manner in which the winding up was
conducted and the property of the Company disposed of, and to
hear any explanations that may be given by the Liquidator.
Proxies to be used at the meeting must be lodged with the
undersigned no later than 4:00 p.m. on Sept. 20, 2005.
Dated this 9th day of August 2005
Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street
Sydney NSW 2000
Phone: 02 9231 0889
EG GREEN: Administrators Seek Possible Buyers
---------------------------------------------
Administrators of failed beef processing giant EG Green and Sons
has advertised for expressions of interest in the abattoir over
the weekend, according to ABC News Online.
The sale has drawn the interest of prospective buyers, who are
preparing their bids for Western Australia's largest beef
processor.
The WA Farmers Federation meat section president, Mike Norton,
says he expects several parties to respond. Mr. Norton says
industry groups will support the proposal that provides the best
return for unsecured creditors.
He said the prospect of a farmer cooperative or a joint venture
between a cooperative and a commercial entity should be
seriously considered.
Expressions of interest will be accepted until mid-October.
CONTACT:
EG Green and Sons
Hamilton Hill Office
16 Emplacement Crescent
Hamilton Hill WA 6163
Phone: 08 9433 2000
Fax: 08 9433 2122
Freecall: 1800 017 345
E-mail: sales@harveybeef.com.au
EVANS & TATE: Turns to AU$49.8-Mln Net Loss This Year
-----------------------------------------------------
Embattled winemaker Evans & Tate Limited booked a net loss of
AU$49.8 million in the year ended June 30, as against a net
profit of AU$7.6 million a year earlier, Dow Jones relates.
The loss includes one-off charges of AU$45.2 million and year-
end adjustments of AU$11.4 million. The charges include an
inventory writedown of AU$30.6 million.
After an independent review of the carrying value of the
inventory, the firm has decided that the inventory writedowns
are required primarily due to the deterioration in bulk wine
prices for certain categories across the wine industry.
The company said it remains committed to its inventory reduction
program and will reduce its 2006 vintage intake. It also said it
is committed to reducing debt, which has reached AU$112 million
as of June 30.
Its banker, ANZ Banking Group Limited, has vowed to continue
supporting the company and has approved an extension of the
Company's existing bank facilities until December 2006.
Evans & Tate said it is committed to restructuring its balance
sheet and returning the Company to profitability as soon as
possible.
The company didn't declare a final dividend.
CONTACT:
Evans & Tate
54 Salvado Road,
Wembley WA 6014
PO Box 451
Wembley WA 6913
Telephone: (08) 6462 1799
Facsimile: (08) 6462 1798
E-mail: et@evansandtate.com.au
Web site: http://www.evansandtate.com.au/
FINE TOUCH: Winding Up Process Initiated
----------------------------------------
Notice is hereby given that an extraordinary general meeting of
members of Fine Touch Property Maintenance & Development
Services Pty Limited held on Aug. 8, 2005, it was resolved that
the Company be wound up voluntarily, and Gregory John Keith of
Grant Thornton Recovery (Vic) Pty Limited was appointed
Liquidator at a creditors' meeting held on the same day.
Dated this 8th day of August 2005
Gregory J. Keith
Liquidator
Grant Thornton
Rialto Towers Level 35, South Tower
525 Collins Street, Melbourne Vic 3000
GAYOL PTY: Enters Liquidation
-----------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Gayol Pty Limited held on Aug. 8, 2005, it was
resolved that the Company be wound up voluntarily and at a
meeting of creditors held on the same day, it was resolved that
Richard Herbert Judson of Judson & Co. Chartered Accountants,
Level 1, 10 Park Road, Cheltenham be appointed liquidator for
such purpose.
Dated this 8th day of August 2005
Richard H. Judson
Liquidator
Judson & Co. Chartered Accountants
Suite 4, Level 1, 10 Park Road
Cheltenham Vic 3192
Phone: 9585 4155
GOLDSIL PTY: Gregory Andrews Named Liquidator
---------------------------------------------
Notice is hereby given that at a general meeting of members of
held on Aug. 5, 2005, a special resolution was passed that the
Goldsil Pty Ltd be wound up voluntarily and that Gregory Stuart
Andrews, 22 Drummond Street, Carlton 3053 be appointed
Liquidator.
Dated this 11th day of August 2005
Gregory S. Andrews
Liquidator
G S Andrews & Associates
Certified Practising Accountants
22 Drummond Street, Carlton Vic 3053
Phone: 03 9662 2666
Fax: 03 9662 9544
GOLF EXPO: Members, Creditors to Receive Wind Up Report
-------------------------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of Golf Expo (Vic) Pty Limited will be held on Sept.
21, 2005, 10:00 a.m. at the office of Robert Semmel, registered
liquidator, Unit 3, 48 North Road, Brighton Victoria 3186, to
lay before the meeting an account showing how the winding up was
conducted and the property of the Company disposed of, and to
give any explanation thereof.
Dated this 5th day of August 2005
Rpbert Semmel
Liquidator
3/48 North Road, Brighton Vic 3186
Phone: 03 9596 6899
Fax: 03 9596 7834
GRAPHIQUE PRESS: Court Issues Winding Up Order
----------------------------------------------
On Aug. 12, 2005, the Supreme Court of New South Wales ordered
the winding up of Graphique Press Pty Limited, and appointed
Stephen James Parbery to be Liquidator for such winding up.
Dated this 18th day of May 2005
Stephen Janes Parbery
c/o PPB Chartered Accountants & Business
Reconstruction Specialists
15th Floor, 25 Bligh Street
Sydney NSW 2000
Phone: 02 9233 4955
Fax: 02 9221 1310
HACLOW PTY: Declares First, Final Dividend
------------------------------------------
Haclow Pty Limited will declare a first and final dividend
today, Sept. 14, 2005.
Creditors whose debts or claims have not already been admitted
are required to formally prove their debts or claims today. If
they do not, they will be excluded from the benefit of the
dividend.
Dated this 1st day of August 2005
Richard Judson
Liquidator
Members Voluntarys Pty Limited
1st Floor, 10 Park Road
Cheltenham 3192
LAOMA PTY: Members Pass Winding Up Resolution
---------------------------------------------
Notice is hereby given that at a general meeting of members of
Laoma Pty Limited held on Aug. 4, 2005 it was resolved that the
Company be wound up voluntarily and that for such purpose, John
Frederick Taylor of Level 15, 309 Kent Street, Sydney be
appointed Liquidator of the Company.
Dated this 11th day of August 2005
John F. TAYLOR
Liquidator
Level 15, 309 Kent Street
Sydney
MILLER'S RETAIL: Bleeds AU$103 Mln in 2004/05
---------------------------------------------
Miller's Retail Limited has reported an annual net loss of
AU$103.4 million this year, as against the previous year's
AU$8.65-million net profit, according to the Sydney Morning
Herald.
The embattled retailer blamed the 2004/05 results to intangible
asset write-downs of AU$69.1 million and one-off restructuring
provisions of AU$60.3 million.
But despite this year's losses, Miller's is confident its
apparel business will continue to grow under its new format.
The Company reported sales revenue for 2004/05 of AU$1.12
billion, an increase of one percent from the previous
corresponding period.
Like-for-like store sales were down two per cent and earnings
before interest, tax, depreciation and amortization and before
the write down of the intangible assets and restructuring costs
(EBITDA) were AU$53.4 million, in line with market guidance.
Miller's said its new board resolved at its first meeting in
mid-April to conduct a strategic review with particular emphasis
of the individual business units making up the Discount Variety
Division.
The review is wide-ranging, including an examination of many
restructuring and divestment opportunities open to Miller's.
CONTACT:
Miller's Retail Ltd
151-163 Wyndham Street
Alexandria, New South Wales 2015
Australia
Phone: +61 2 9310 2233
Fax: +61 2 9310 2255
Web site: http://www.millersretail.com.au/
NEPEAN LANDS: Placed Under Voluntary Liquidation
------------------------------------------------
Notice is hereby given that on Aug. 4, 2005, the following
special resolution was passed:
That Nepean Lands Proprietary Limited be wound up voluntarily
relating to a Members' Voluntary Winding Up and that H. A.
MacKinnon and B. J. Marchesi, Chartered Accountants of 332 St
Kilda Road, Melbourne be appointed joint and several Liquidators
for such winding up.
Dated this 12th day of August 2005
H. A. Mackinnon
B. J. Marchesi
Liquidators
Bent & Cougle
Chartered Accountants
332 St. Kilda Road
Melbourne Vic 3004
PAN PHARMACEUTICALS: Ex-boss Didn't Disclose Gravity of TGA Data
----------------------------------------------------------------
The former head of failed Pan Pharmaceuticals did not tell the
drug maker's board that the drug regulator had restricted its
manufacturing license because of concerns over a travel sickness
drug, The Australian reports.
Jim Selim is facing a committal hearing in Sydney's Dowing
Centre Local Court, charged with four counts of knowingly
misleading the company's board in early 2003.
In January 2003, the Therapeutic Goods Administration probed
Travalcam after consumers complained of adverse effects. The TGA
inquiry found internal data had been manipulated to cover up
test results showing that some tablets had excessive amounts of
the active ingredient, while others barely contained any.
The TGA wrote to Pan outlining its concerns and informing the
company it had withdrawn its license to manufacture certain
products, including Travacalm. It also threatened to cancel or
suspend Pan's general manufacturing license.
Pan founder and former chief executive Jim Selim allegedly
failed to disclose the serious nature of the TGA's
correspondence at four board meetings in February, March and
April 2003.
But Mr. Selim's counsel, Paul Byrne SC, told the court that
minutes of the meetings would "clearly establish that the
material that is said to have been omitted from the disclosures
made by Mr Selim were in fact within the knowledge of the
members of the board".
"We will be submitting ... that there is insufficient material
to justify a committal for trial."
Pan was put into voluntary administration in May 2003 after the
TGA ordered a massive recall of the company's nutritional
supplements, medicines and other products.
P.R. ELECTRICS: Declares Dividend Today
---------------------------------------
P. R. Electrics Pty Limited will declare a first and final
dividend today, Sept. 14, 2005.
Creditors whose debts or claims have not already been admitted
are required to formally prove their debts or claims. If they do
not, they will be excluded from the benefit of the dividend.
Dated this 1st day of August 2005
Richard Judson
Liquidator
Members Voluntarys Pty Limited
1st Floor, 10 Park Road
Cheltenham 3192
SUNSET POINT: Winds Up Business
-------------------------------
Notice is hereby given that at a general meeting of members of
Sunset Point Pty Limited held on Aug. 11, 2005, it was resolved
that the Company be wound up voluntarily, and that Gregory
Stuart Andrews of G S Andrews & Associates, 22 Drummond Street,
Carlton 3053 be appointed Liquidator for the winding up.
Dated this 11th day of August 2005
Gregory S. Andrews
Liquidator
G S Andrews & Associates
22 Drummond Street, Carlton Vic 3053
Phone: 03 9662 2666
Fax: 03 9662 9544
SWANCOVE ENTERPRISES: Unlicensed Financial Services Stopped
-----------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained permanent injunctions, by consent, against Swancove
Enterprises Pty Ltd (Swancove) and Mr. David Zohar, preventing
them from operating an unlicensed financial services business.
Mr. Zohar is the Managing Director of Swancove, a venture
capital company based in Perth, Western Australia.
ASIC obtained the orders in the Federal Court in Western
Australia following an investigation into the activities of
Swancove.
Swancove and Mr. Zohar consented to:
(1) A declaration that Swancove carried on a financial services
business by making representations intended to influence persons
to acquire shares in a company associated with Mr Zohar without
holding an Australian financial services licence (AFSL);
(2) A declaration that Mr. David Zohar was knowingly concerned
in Swancove's unlawful activities;
(3) Permanent injunctions that stop the company and Mr. Zohar
from making representations or being in any way concerned in or
a party to any other person making representations to influence
persons to acquire shares without holding an appropriate AFSL;
and
(4) Sending notices to subscribers informing them of Swancove's
contravention and an offer for the return of monies.
"ASIC has taken this action to protect the interests of
consumers," ASIC's Deputy Executive Director of Enforcement, Mr.
Mark Steward said.
"Consumers should be aware there are laws which regulate the
operation of a financial services business and the people who
conduct these businesses must be appropriately licensed," Mr.
Steward added.
ASIC was awarded costs in the matter.
Background
These proceedings follow an ASIC investigation into written
advertisements containing recommendations intended to influence
people to acquire shares in Red River Resources Limited, Corella
Oil Limited and Australian Biogen Limited. Mr. Zohar is a
director of these companies. Between July 2003 and August 2004,
Swancove used a bulk mailing company to send unsolicited letters
to over 55,000 persons offering shares in the companies.
TELSTRA CORPORATION: Democrats Say Joyce Will Vote on Sale
----------------------------------------------------------
The Australian Democrats believe Queensland Nationals senator
Barnaby Joyce will inevitably vote to sell Telstra Corporation,
the Sydney Morning Herald relates.
Earlier, Senator Joyce withdrew his support for the full sale of
the embattled telco and asked for more time to examine other
information that may affect his decision.
The Senator said he will not be endorsing the sale after
becoming aware of the true state of Telstra's network and its
decision to dip into its reserves to pay dividends to
shareholders.
The explosive secret report, which was handed to the Federal
Government on August 11 but was not released to the public until
Wednesday last week, revealed that Telstra's phone lines are
faulty and that the telco has underinvested in its network in
recent years.
But recently, he has come under fire for failing to support
moves to delay the sale legislation to allow more time for
deliberation and debate.
The Democrats are confident Sen. Joyce will vote yes in the
final vote.
The government plans to sell its AU$28 billion (US$22 billion)
Telstra stake late next year, but needs parliamentary approval
to offload its 51.8 percent interest. It now has a majority in
both houses of parliament that will allow the bills to pass
unamended.
CONTACT:
TELSTRA CORPORATION
Level 41 - Telstra Centre , 242 Exhibition Street,
MELBOURNE , VICTORIA, AUSTRALIA, 3000
Telephone: (03) 9634 6400
Fax: (03) 9632 3215
Web site: http://www.telstra.com.au/
TELSTRA CORPORATION: Beazley Slams Sale Rush
--------------------------------------------
The Federal Government has been accused of rushing to sell out
regional Australia, as it attempts to drive its Telstra sale
Bills through Parliament, The Australian reports.
Five pieces of legislation that will pave the way for Telstra's
full sale are being debated by both houses of parliament this
week.
The Government is looking to pass all its legislation by Friday,
despite only introducing it last week and allowing just a one-
day Senate inquiry into the five bills.
Opposition leader Kim Beazley said the Senate committee which
reviewed the legislation last week should be granted more time
because of the damning revelations raised in a secret Telstra
report released earlier.
Prime Minister John Howard and Communications Minister Helen
Coonan have both dismissed Labor's call for more time to examine
the Telstra legislation, given the number of inquiries held into
the telco since it won government nine and a half years ago.
But Mr. Beazley said further investigation into the inadequacies
of Telstra's performance was needed in order to reach the right
decision whether or not you're going to sell the telco.
TYNE INTERNATIONAL: Inability to Pay Debts Prompts Liquidation
--------------------------------------------------------------
Notice is hereby given that at a meeting of Tyne International
Pty Limited held on Aug. 5, 2005, the following Special
Resolution was passed:
That as it is unable to pay its debts as and when they fall due,
the Company be wound up voluntarily, and that Peter Rodgers and
Daniel Civil be appointed Joint Liquidators for the purpose of
such winding up.
Daniel Civil
Liquidator
c/o Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000
VINTAGE WOOD: Members, Creditors to Hear Liquidator's Report
------------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Vintage Wood Works (Aust) Pty Limited will be held
on Sept. 21, 2005, 9:30 a.m. at the offices of Brooke Bird & Co.
Chartered Accountants, 471 Riversdale Road, Hawthorn East, 3123,
to present the Liquidator's account showing the manner of the
winding up and disposal of Company property, and to hear any
explanations that may be given by the Liquidators.
Dated this 5th day of August 2005
Robyn Erskine
Peter Goodin
Joint & Several Liquidators
Brooke Bird & Co.
Chartered Accountants
471 Riversdale Road, Hawthorn East 3123
Phone: 03 9882 6666
WILLIAM KIMBERLEY: Set to Pay Out Dividend to Creditors
-------------------------------------------------------
William Kimberley Pty Limited will declare a first and final
dividend on Sept. 15, 2005.
Creditors whose debts or claims have not already been admitted
are required to formally to prove their debts or claims today,
Sept. 14, 2005. If they do not, they will be excluded from the
benefit of the dividend.
Dated this 12th day of August 2005
G. D. Wood
Liquidator
Foster Raffan
Level 6, 8 West Street
North Sydney NSW 2060
* South Australian Former Director Found Guilty of Contempt
-----------------------------------------------------------
Mr. Maxwell John Reid, a former South Australian company
director, was on Tuesday found guilty of contempt of the Federal
Court of Australia following an application by the Australian
Securities and Investments Commission (ASIC).
ASIC alleged that Mr. Reid, formerly of Coober Pedy, South
Australia, was in contempt of orders made by the Federal Court
in March 1992 banning him from involvement in the management of
companies until 2036. ASIC alleged Mr. Reid had been involved in
the management of two South Australian companies, Battstone
Australia Pty Ltd (in liquidation) and Australian Marble Pty Ltd
(in liquidation), in 2003.
The finding is the third time ASIC has taken action against Mr.
Reid for contempt of the orders made by the Federal Court in
1992. On the two previous occasions in which Mr. Reid has been
found in contempt, the Federal Court sentenced Mr. Reid:
- in May 1994, to a suspended term of imprisonment of six
months; and
- in February 2002, to a suspended term of imprisonment of two
years on condition that he have no involvement in directing,
managing or administering a company.
"This is the third time Mr. Reid has been found to have treated
the law with contempt and deserves to be punished. ASIC will be
making submissions to the Court that Mr. Reid should be
sentenced to a significant period of full time custody," ASIC's
Deputy Executive Director of Enforcement, Mr. Mark Steward said.
The Federal Court will now hear submissions on penalty in
relation to Tuesday's finding on 11 November 2005.
==============================
C H I N A & H O N G K O N G
==============================
APT SATELLITE: Narrows 1H05/2005 to HK$10.39 Mln
------------------------------------------------
The Board of Directors of APT Satellite Holdings Limited hereby
announces the unaudited interim results of the company and its
subsidiaries for the six months ended June 30, 2005.
Year-end date: 31/12/2005
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Both Audit Committee and Auditors
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/01/2005 from 01/01/2004
to 30/06/2005 to 30/06/2004
Note ('000) ('000)
Turnover : 144,252 130,623
Profit/(Loss) from Operations : 8,966 (40,084)
Finance cost : (8,629) N/A
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : (2,909) (160)
Profit/(Loss) after Tax & MI : (10,390) (50,992)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.0251) (0.1234)
-Diluted (in dollars) : (0.0251) (0.1234)
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (10,390) (50,992)
Interim Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1) The turnover and profit from operations are wholly derived
from continuing operations.
2) Loss per share
(a) Basic loss per share
The calculation of basic loss per share is based on the loss
attributable to equity holders of the parent of HK$10,390,000
(six months ended 30 June 2004: HK$50,992,000) and the weighted
average of ordinary shares of 413, 265,000 (30 June 2004:
413,265,000 shares).
(b) Diluted loss per share
Diluted loss per share is the same as the basic loss per share
as there were no dilutive potential ordinary shares in existence
during the six months ended June 30, 2005 and 2004.
CONTACT:
APT Satellite Holdings Limited
22 Dai Kwai Street
Tai Po Industrial Estate
Tai Po New Territories
Hong Kong
Phone: 26002100
Fax: 25220419
Web site: http://www.apstar.com
CHARTERED CAPITAL: Creditors Meeting Set October 7
--------------------------------------------------
Notice is hereby given that the Creditors of Chartered Capital
Corporation Limited, which are being voluntarily wound up, are
required on or before the October 7, 2005 to send their names,
addresses and descriptions, full particulars of their debts or
claims, as well as the names and addresses of their solicitors
(if any) to the Liquidators of the Company.
If so required by notice in writing from the said liquidators to
prove their debts or claims at such time and place as shall be
specified in such notice.
In default thereof, they will deemed to waive all of such debts
or claims and the Liquidators will be entitled seven days after
the above date, to distribute the funds available or any part
thereof to the Members.
Dated this 9th day of September 2005
SUEN PUI YEE
IAIN FERGUSON BRUCE
Liquidators
8th Floor, Gloucester Tower
The Landmark
11 Pedder Street
Central, Hong Kong
CHINA SOUTHERN: Says August Passengers Up 64.7% On-Year
-------------------------------------------------------
China Southern Airlines Co. said it carried 4.4 million
passengers in August, up 64.7 pct from a year earlier, Dow Jones
reports.
For the first eight months of 2005, the carrier carried a total
of 29.0 million passengers, up 55 percent on year.
China Southern is one of China's three major airlines. It
reported a first-half net loss of CNY1.03 billion because of
high fuel prices and increased domestic competition.
CONTACT:
China Southern Airlines
Mr. Jeff Ruffolo Manager
Public Relations Office 1-909-734-6141
Cellular: 1-949-278-6440
Fax: 1 -909 -734 -6144
E-Mail: RuffoloPR@aol.com
Web site: http://www.cs-air.com/en
EMPEROR INTERNATIONAL: Clarifies Restructuring Report
-----------------------------------------------------
The board of directors of Emperor International Holdings Limited
noted a news report in Oriental Daily News on September 12, 2005
regarding a business restructuring of the Company and a disposal
of its non-core businesses to its controlling shareholder. The
Company does not know the source of such news report.
The Board wishes to state that the Company is currently studying
such business restructuring and such business restructuring may
or may not proceed. If such business restructuring proceeds, it
may constitute a notifiable transaction for the Company under
the Rules Governing the Listing of Securities on the Stock
Exchange (Listing Rules).
The Board wishes to state that, except for the aforesaid
business restructuring, there are no negotiations or agreements
relating to intended acquisitions or realizations which are
discloseable under Rule 13.23 of the Listing Rules, neither is
the Board aware of any matter discloseable under the general
obligation imposed by Rule 13.09 of the Listing Rules, which is
or may be of a price-sensitive nature.
Shareholders and potential investors are reminded to exercise
caution when dealing in the shares of the Company.
Made by the order of the Board, the directors of which
individually and jointly accept responsibility for the accuracy
of this announcement.
By Order of the Board
Emperor International Holdings Limited
Luk Siu Man, Semon
Chairpersons
Hong Kong, 12 September 2005
CONTACT:
Emperor International Holdings Limited
28/F Emperor Group Centre 288 Hennessy Road
Wanchai, Hong Kong
Phone: 28356688
Fax: 28935276
Web site: http://www.emperor.com.hk
EVERBRIGHT BANK: Awaits CNY10-Bln State Bailout
-----------------------------------------------
Everbright Bank of China is waiting for the government to
approve a state capital injection this year to boost its
finances, according to Reuters.
Mid-sized Everbright Bank, in which China Everbright Ltd. owns
21.4 percent, has applied for over CNY10 billion in bailout
money, which it hopes to get before the end of this year.
According to Everbright's most recently available annual report,
its capital adequacy ratio stood at 4.65 percent at the end of
2003, far lower than the 8 percent required by regulators.
Its non-performing loans ratio was 9.34 percent at the end of
2003, versus a national average of slightly over 10 percent.
CONTACT:
China Everbright Limited
Room 4001, 40/F,
Far East Finance Ctr.,
16 Harcourt Road
Hong Kong
Phone: 25289882
Fax: 25290177
Web site: www.everbright165.com.hk
FIVE TOWNS: To Undergo Winding Up Process
-----------------------------------------
Five Towns Development Company Limited whose place of business
is located at Unit 12, 12th Floor, Bank of America Tower, 12
Harcourt Road Central, Hong Kong was issued a winding up order
notice by the High Court of the Hong Kong Special Administrative
Region Court of First Instance on August 31, 2005.
Date of Presentation of Petition: June 29, 2005
Dated this 9th day of September 2005
ET O'Connell
Official Receiver
GUANGDONG KELON: Updates Major Litigations, Arbitrations
--------------------------------------------------------
This announcement is published in accordance with the disclosure
obligations under Rule 13.09(2) of the Rules Governing the
Listing of Securities on The Stock Exchange of Hong Kong
Limited.
Reference is made to the announcement of Guangdong Kelon
Electrical Holdings Company Limited published on August 27,
2005. Further details of the Company's existing litigations and
arbitrations are set out below.
1. Particulars of major litigations with the amount in dispute
exceeding RMB5,000,000 (a total of 23 cases)
The following sets forth the relations between the subsidiaries
involved herein and the Company:
As at the date hereof, the Company holds:"C
(i) 60% equity interest in Guangdong Kelon Air-Conditioner Co.,
Ltd.
(ii) 30% equity interest in Yangzhou Kelon Electrical Company
Limited, while Kelon Development Co., Ltd. (Hong Kong), a
subsidiary of the Company, holds the remaining 70% equity
interest;
(iii) 60% equity interest in Jiangxi Kelon Industrial
Development Co., Ltd., while Kelon Development Co., Ltd. (Hong
Kong), a subsidiary of the Company, holds the remaining 40%
equity interest;
(iv) 70% equity interest in Guangdong Kelon Refrigerator Co.,
Ltd. and indirectly the remaining 30% interests through
subsidiaries of the Company;
(v) 70% equity interest in Guangdong Kelon Fittings Co., Ltd.
and indirectly the remaining 30% interest through subsidiaries
of the Company; and
(vi) 40% equity of Wuhu Ecan Motors Co., Ltd. and indirectly the
remaining 40% interest through subsidiaries of the Company.
Jiangxi Kelon Industrial Development Co., Ltd., a subsidiary of
the Company, holds 80% equity interest in Shangqiu Kelon
Electrical Co. Ltd., while Yangzhou Kelon, another subsidiary of
the Company, holds its remaining 20% equity interest. Jiangxi
Kelon Industrial Development Co., Ltd., a subsidiary of the
Company, also holds 70% equity interest in Kaifeng Kelon Air-
Conditioner Co., Ltd.
For more information, go to
http://bankrupt.com/misc/tcrap_guangdongkelon.pdf
HARVEST TANK: Faces Winding Up Proceedings
------------------------------------------
Harvest Tank Investments Limited whose place of business is
located at G/F 9-11, Fuk Wing Street, Shamshuipo, Kowloon was
issued a winding up order notice by the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
August 31, 2005.
Date of Presentation of Petition: July 4, 2005
Dated this 9th day of September 2005
ET O'Connell
Official Receiver
INDUSTRIAL AND COMMERCIAL: To Double Revenues to CNY21 Bln
----------------------------------------------------------
Industrial and Commercial Bank of China (ICBC), which is eyeing
an overseas listing as early as next year, hoped to book CNY21
billion in revenue from such non-lending businesses as bankcards
and financial counseling within three years, according to
Reuters.
The bank's [ICBC.UL] domestic outlets recorded CNY11.54 billion
in such revenue in 2004, versus CNY2.29 billion in 2000, with
the figure for the first half at CNY6.53 billion, up 29 percent
on a year earlier, Vice-President Yang Kaisheng was quoted as
saying.
As well as readying overseas listing plans, the bank is trying
to attract strategic foreign investors to bring its management
and risk controls up to international standards.
Bankers have said Goldman Sachs (GS.N: Quote, Profile,
Research), Allianz A.G. (ALVG.DE: Quote, Profile, Research) and
American Express Co. (AXP.N: Quote, Profile, Research) are
looking to buy 10 percent of Industrial and Commercial Bank of
China.
CONTACT:
Industrial and Commercial Bank of China (Asia) Limited
ICBC Tower, 3 Garden Road
Central, Hong Kong
Phone: 25343333
Fax: 28051166
Web site: http://www.icbcasia.com
MANHATTAN CARD: Creditors Meeting Slated for October 7
------------------------------------------------------
Notice is hereby given that the Creditors of Manhattan Card
Company Limited, which are being voluntarily wound up, are
required on or before the October 7, 2005 to send their names,
addresses and descriptions, full particulars of their debts or
claims, as well as the names and addresses of their solicitors
(if any) to the Liquidators of the Company.
If so required by notice in writing from the said liquidators to
prove their debts or claims at such time and place as shall be
specified in such notice.
In default thereof, they will deemed to waive all of such debts
or claims and the Liquidators will be entitled seven days after
the above date, to distribute the funds available or any part
thereof to the Members.
Dated this 9th day of September 2005
SUEN PUI YEE
IAIN FERGUSON BRUCE
Liquidators
8th Floor, Gloucester Tower
The Landmark
11 Pedder Street
Central, Hong Kong
MASTERGUIDE LIMITED: Receives Winding Up Notice
-----------------------------------------------
Masterguide Limited whose place of business is located at Room
704, 7/F, Landwide Commercial Building, 118-120 Austin Road,
Tsimshatsui, Kowloon was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on August 31, 2005.
Date of Presentation of Petition: June 29, 2005
Dated this 9th day of September 2005
ET O'Connell
Official Receiver
SO WISE: Court Releases Winding Up Order
----------------------------------------
So Wise Company Limited whose place of business is located at
Flat 1301, 13th Floor, Austin Tower, 152 Austin Road,
Tsimshatsui, Kowloon was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on August 31, 2005.
Date of Presentation of Petition: June 29, 2005
Dated this 9th day of September 2005
ET O'Connell
Official Receiver
STANDARD CHARTERED: Creditors Meeting Fixed October 7
-----------------------------------------------------
Notice is hereby given that the creditors of Standard Chartered
Finance Limited, which are being voluntarily wound up, are
required on or before the October 7, 2005 to send their names,
addresses and descriptions, full particulars of their debts or
claims, as well as the names and addresses of their solicitors
(if any) to the Liquidators of the Company.
If so required by notice in writing from the said liquidators to
prove their debts or claims at such time and place as shall be
specified in such notice.
In default thereof, they will deemed to waive all of such debts
or claims and the Liquidators will be entitled seven days after
the above date, to distribute the funds available or any part
thereof to the Members.
Dated this 9th day of September 2005
SUEN PUI YEE
IAIN FERGUSON BRUCE
Liquidators
8th Floor, Gloucester Tower
The Landmark
11 Pedder Street
Central, Hong Kong
TRADE PRODUCTS: Schedules Creditors' Meeting October 7
------------------------------------------------------
Notice is hereby given that the creditors of Trade Products
Limited, which are being voluntarily wound up, are required on
or before the October 7, 2005 to send their names, addresses and
descriptions, full particulars of their debts or claims, as well
as the names and addresses of their solicitors (if any) to the
Liquidators of the Company.
If so required by notice in writing from the said liquidators to
prove their debts or claims at such time and place as shall be
specified in such notice.
In default thereof, they will deemed to waive all of such debts
or claims and the Liquidators will be entitled seven days after
the above date, to distribute the funds available or any part
thereof to the Members.
Dated this 9th day of September 2005
SUEN PUI YEE
IAIN FERGUSON BRUCE
Liquidators
8th Floor, Gloucester Tower
The Landmark
11 Pedder Street
Central, Hong Kong
=========
I N D I A
=========
AIR INDIA: Government Likely to Approve IPO
-------------------------------------------
The National Government affirmed its plan to sell shares of
state-owned Air India and Indian Airlines Limited, Bloomberg has
learned.
The stake sell is aimed at raising funds to buy US$10.4 billion
of aircraft, in a bid to compete with Jet Airways (India)
Limited and low cost carriers.
India's Civil Aviation Ministry, which approved the two Initial
Public Offers early this year, will endorse the proposal to the
Cabinet this month for consideration.
Merchant banks will then be tapped to sell shares of the two
carriers after Cabinet's approval is secured.
Air India, the nation's biggest overseas airline, and New Delhi
based Indian Airlines need money to buy as many as 111 planes
from Airbus SAS and Boeing Co. to compete with domestic and
overseas carriers. Three new airlines have started in the past
two years in India and 10 are planning to start to tap the 20
per cent growth in local passenger traffic.
Air India has been plagued with financial troubled in the past
years.
In October 2004, the airline recorded a net loss of INR38.08
crore. For the eight-month period April-November 2004, Air India
suffered a cumulative loss of INR111.58 crore compared to a
profit of INR6.75 crore during the corresponding period of 2003-
04.
In the recent past, the airline has been affected by several
issues including the northward movement in the price of aviation
turbine fuel (ATF). The airline was forced to levy a fuel
surcharge to offset the rising ATF costs during the year.
While the airline reported a net loss during November last year,
it saw an increase in the number of passengers carried.
For the year ended 2003-04, Air India reported a net profit of
INR92.33 crore, against INR33.86 crore during the previous year.
AIR INDIA: To Launch Bahrain-Delhi Discount Unit in April
---------------------------------------------------------
Air India is poised to begin direct service from Bahrain to
Delhi from April next year, Newinpress.com reports.
The budget carrier will start operating as soon as its parent
carrier ceases direct operations in the Middle East route.
Air India Dubai director Sanjeev Talwar admitted that scrapping
of Air-India's six flights from the kingdom would affect Bahrain
customers, but there is no choice for the company as the demand
is for budget travel.
Once Bahrain and Doha flights are on, direct operations to Delhi
would give Air-India Express a boost as it would be operating
Boeing 737-800 aircraft with a capacity of 175 seats.
Mr. Talwar was quoted by the local media as saying that the
total passenger revenue generated from the gulf was INR12,000
crore, the same as the previous year, despite high competition.
There has also been a 17 per cent increase in traffic with
22,000 passengers from Bahrain between April 2004 to March 2005
compared to the previous financial year.
"Though there were a few cancellations in July this year due to
technical problems, our on-time performance in general was 90
per cent," Mr. Talwar added.
CONTACT:
Air India Express
Air - India Building, Nariman Point,
Mumbai - 400 021, India
=================
I N D O N E S I A
=================
PERTAMINA: Provincial Units Susceptible to Oil Smuggling
--------------------------------------------------------
State oil firm PT Pertamina's ongoing investigation on the
smuggling of crude and refined oil has led the Company to
believe that its refineries in other areas may be vulnerable to
the same, reports the Jakarta Post.
According to Pertamina President Widya Purnama, the Company's
refineries in Balongan, West Java and Cilacap, Central Java have
storage areas similar to theat of Lawe-Lawe, East Kalimantan,
where the smuggling operation took place with the help of
Pertamina employees.
In the recent smuggling case, the storage facilities in the
Lawe-Lawe refinery are connected to tankers by pipelines which
run both onshore and underwater. After tankers sebnd oil to
storage, the pipelines are flushed out to clean the rest of the
crude oil, and smugglers can steal through this system.
Pertamina recently dismissed 12 low-ranking employees along with
40 crew members of four tug boats who were alegedly involved in
the smuggling operation. The Company's head of its Batam
terminal was also suspended, having been declared a suspect in a
recent smuggling case uncovered in the Batam area.
The Company is set to sign a joint agreement with the National
Police, the Navy and Finance Ministry's Customs director-general
to form a special task force to crack down on smuggling. The
National Police will also work with Pertamina to oversee future
distribution of imported oil (via land and sea), so as to
prevent smuggling operations from taking place.
CONTACT:
PT Pertamina Tbk
Jalan Merdeka, Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax: 3846865/ 3843882
Web site: http://www.pertamina.com
PERTAMINA: Local Gas Firm Files Suit for Gas Supply Shortage
------------------------------------------------------------
Local gas distribution firm PT Igas Utama filed a legal suit
against state-owned oil and gas firm PT Pertamina for cutting
off its gas supply, Asia Pulse reports.
On July 30, 2005, Pertamina terminated its contract with Igas
Utama and stopped supplying gas to the firm on Aug. 21, 2005,
saying that the company did not submit a stand-by letter of
credit worth USD1.13 million (IDR11.38 billion).
But according to Igas president Irene Ratnawati Rusli, the firm
has always met its obligationsa to Pertamina. Upon failing to
submit a letter of credit, Igas Utama deposited USD295,000
(IDR2.97 billion) in the Company, and still had accounts
receivables worth USD300,000 (IDR3.02 billion) with the oil
firm.
Due to the Company's gas supply cut-off, Igas Utama suffered
financial losses amounting to USD1.2 million (IDR12.08 billion),
which is also total sum of consumers' claims to the gas firm. Up
to 6,000 employees of firms that are clients of Iatama Ugas also
face a possible layoff.
Igas Utama lawyer Haposan Hutagalung said there was no reason
for Pertamina to terminate its contract with the gas firm as it
had fulfilled its obligations, and has also hinted at a
collusion between Pertamina and an Igas competitor to ruin the
gas firm.
Pertamina president Widya Purnama responded by saying that
because Itama Ugas failed to honor its obligations, it
terminated its gas supply contract. The Company woul resume gas
supply to Igas Utama if it fulfills its obligations first.
The Company is willing to face the legal action being brought on
it by Igas Utama to prove that it has done nothing wrong, in the
eyes of a local court.
PERTAMINA: Urged to Maximize Use of Locally-Produced Crude Oil
--------------------------------------------------------------
Indonesian vice president Jusuf Kalla directed state oil firm PT
Pertamina to maximize the use of crude oil produced by its local
refineries, reports Asia Pulse.
This would be more economical and would lower fuel production
costs, but it also means that the Company would have to reduce
its oil exports to other countries.
Minister of Energy & Mineral Resources Purnomo Yusgiantoro met
recently with vice president Kalla and other state and Pertamina
officials, wherein the Company representatives reported on
efforts to increwase nationwide crude oil production by
depending on its local refineries to produce more of the fuel.
The meeting was centered on whether two Pertamina refineries in
Balikpapan and Cilacap, which mainly used imported crude oil,
could also process locally-made crude oil. As of 2004, Indonesia
produces 1.096 million barrels of crude oil per day, of which
593,600 barrels went to local refineries, while 488,700 barrels
were exported. The refineries also processed 404,500 barrels of
imported crude oil ion a daily basis.
According to Pertamina marketing director Arie Soemarno, the
Company is making a plan to increase the use of locally-made
crude oil within the coming months, and expects to implement the
plan by November this year.
SEMEN GRESIK: Strives to Increase Capacity to Meet Demand
---------------------------------------------------------
Cement manufacturer PT Semen Gresik is aiming to increase the
annual capacity of its Tuban I, II, II units by 500,000 tons
each to meet expected 10% rise in demand, Asia Pulse reports.
The Company is also planning to build a new cement plant in
order to collaborate its output with that of two subsidiary
firms, according to Semen Gresik president Dwi Soetjipto.
There will be three stages to gradually increase production
capacity: the first stage has been completed with the increase
in the production capacity of Semen Gresik's Tuban III unit,
while its Tuban I and II units would be expanded next year.
Once the three stages are complete, Semen Gresik will be able to
produce 8.4 million tons of cement annually, well above its
present production capacity of 6.9 million tons/year.
Industry minister Andung A Nitimihardja has expressed his full
support for the Company's plan to increase production capacity,
as national demand for cement steadily rises.
As of 2004, nationwide demand for cement was estimated at 30
million tons; Semen Gresik provides 23% of the demand for
cement.
CONTACT:
PT Semen Gresik (Persero) Terbuka
Jalan Veteran
Gresik 61122
Indonesia
Phone: +62 31 398 1731-2/1745
Fax: +62 31 398 3209/3972 2264
=========
J A P A N
=========
HITACHI LIMITED: Reaps JPY3-Bln Profit from Elpida Share Sale
-------------------------------------------------------------
Hitachi, Ltd. (TSE:6501/ NYSE:HIT) announced it has sold shares
of Elpida Memory, Inc. (TSE:6665).
1. Sales of shares:
(1) Number of shares sold
4,000,000 shares owned by Hitachi.
Following the sales, Hitachi owns 18,999,980 shares, which
represent 19.70 % of the issued and outstanding shares of Elpida
Memory.
(2) Aggregate proceeds of the sale: Approximately 13 billion yen
(3) Method of the sale: Block trade to a securities firm
(4) Date of the sale: September 13, 2005
2. Impact on FY2005 financial results
The sale of shares is expected to record approximately JPY5
billion in income before income tax and minority interests and
approximately JPY3 billion in net income, respectively, on
consolidated bases.
3. The relationship between Elpida Memory and Hitachi
Although Elpida Memory is no longer an equity-method affiliate
of Hitachi as a result of the sale, the two companies will
maintain a relationship as business partners.
This material is not an offer for sale of the securities in the
United States. The securities have not been registered under the
U.S. Securities Act of 1933, as amended (the "Securities Act")
and may not be sold in the United States absent registration or
an exemption from registration under the Securities Act. Any
public offering of securities to be made in the United States
will be made by means of a prospectus. The Company is not
currently conducting a public offering of securities in the
Unites States.
About Hitachi, Ltd.
Hitachi, Ltd., (TSE:6501/NYSE: HIT), headquartered in Tokyo,
Japan, is a leading global electronics company with
approximately 347,000 employees worldwide. Fiscal 2004 (ended
March 31, 2005) consolidated sales totaled 9,027.0 billion yen
($84.4 billion). The company offers a wide range of systems,
products and services in market sectors including information
systems, electronic devices, power and industrial systems,
consumer products, materials and financial services. For more
information on Hitachi, please visit the company's website at
http://www.hitachi.com
CONTACT:
Hitachi Limited
6-6 Marunouchi 1-Chome
Chiyoda-Ku 100-8280, Tokyo 101-8010
Japan
Phone: +81 3 3258 1111
Fax: +81 3 3258 5480
Web site: http://www.hitachi.com
KANEBO LIMITED: Accountants Face Fraud Charge
---------------------------------------------
Prosecutors will investigate several certified public accounts
of ChuoAoyama PricewaterhouseCoopers on suspicion that they
collaborated with executives at Kanebo Ltd. to conceal huge
deficits on the company's financial statements, Kyodo News
reports.
Sources said the accountants worked together with two Kanebo
executives to produce consolidated financial statements that
concealed a capital deficit of JPY81.9 billion in fiscal 2001
and JPY80.6 billion in the following year.
Kanebo is currently under the supervision of the state-backed
Industrial Revitalization Corporation to revive its business.
ChuoAoyama, the Japanese unit of the PricewaterhouseCoopers
Group, is the sole auditor for 798 companies, the second largest
client base of Japanese accounting firms.
CONTACT:
Kanebo Limited
Fukuoka, Sapporo
3-20-20 Kaigan Minato Tokyo
108-8080 Japan
Web site: http://www.kanebo.co.jp/english/Index.htm
MITSUBISHI MOTORS: Details 2005 Frankfurt Motor Show
----------------------------------------------------
Mitsubishi Motors Corporation (MMC) and its European unit
Mitsubishi Motors Europe B.V. (MME) announced the world debut of
MITSUBISHI Concept-Sportback next-generation sportback concept
car at the 61st International Automobil Ausstellung (IAA;
commonly known as the Frankfurt International Motor Show). Held
at the Frankfurt Messe Complex, the 2005 Frankfurt Motor Show
will be open to the public from September 15 through 25, with a
press and media preview September 12 to 14.
At a press conference held today at the Mitsubishi Motors stand,
Mitsubishi Motors President Osamu Masuko made the following
remarks: "Our efforts to achieve the 2005 business plan are
definitely paying off, and particularly in Europe. The high
critical acclaim Mitsubishi brand products have received has led
to expanded sales. Mitsubishi brand cars are selling well in
Europe, with sales for the first eight months of the year up 20%
over the corresponding period last year. We see the European
market in particular as being a prime mover in our drive to
future growth and we are looking to increase sales further
still. Therefore, we will be introducing seven new competitive
models in Europe over the next three years, including a new
pickup truck and Colt coupe-cabriolet. Over the next three years
we will also be introducing five new models in North America and
nine new models in Japan."
Mitsubishi Motors will be showing 16 vehicles at the Frankfurt
Motor Show (20 during the public days). Joining MITSUBISHI
Concept Sportback on the company stand will be Colt coupe-
cabriolet concept, a concept for a new Colt model due to be
introduced on the European market in 2006 and which was shown at
the Geneva Motor Show earlier this year. Also on display will be
the Lancer Evolution IX high-performance 4WD sedan to be
released in Europe in September 2005, the Grandis DI-D (direct-
injection diesel), the Pajero Evolution cross country rally car
that won the 2005 Dakar Rally to take the company's fifth
consecutive and 10th victory in the history of the event, and
the Lancer WRC05 machine that is currently competing in the 2005
FIA World Rally Championship series.
1. MITSUBISHI Concept-Sportback walkaround
The styling was developed by Mitsubishi Motors' design studio
(Mitsubishi Motor R&D of Europe GmbH) in the outskirts of
Frankfurt. Calling on Mitsubishi Motors traditionally sporty
image, the design team has crafted lines that are much more
powerful than seen in European 5-door hatchbacks to date. The
styling forcefully projects the brand in the front visage and
gives lucid expression to the design concept in the vehicle's
proportions as it points to the direction Mitsubishi Design may
be expected to take in the near future.
MITSUBISHI Concept-Sportback sits on the company's new C-segment
global vehicle platform. In an overall length of 4500 mm, the
high-efficiency design realizes a roomy and comfortable living
space protected front and rear by crushable zones.
The new platform has been developed to support Mitsubishi
Motors' new 4-cylinder MIVEC* engines mated to either 2WD or 4WD
drivelines.
2. Colt coupe-cabriolet concept walkaround
Following 5 and 3-door body models, the third variation in the
European Colt range uses the Colt's platform to carry a
retractable hard top for open motoring pleasure.
Within its compact 3885 mm overall length, 15 mm longer than
Colt CZ3, Colt coupe-cabriolet concept uses a high-efficiency
design to create a 2+2 layout with a trunk into which the
hardtop stows neatly.
Colt coupe-cabriolet concept uses the same 150 PS 1.5-liter 4-
cylinder DOHC MIVEC turbocharged engine that powers Colt CZT.
The body has been strategically reinforced to safely and
comfortably underpin the exhilaration of open-top motoring.
While taking its design references from Colt's defining one-
motion form, Colt coupe-cabriolet concept weaves together
straight lines and curves to create taut styling that projects
an appetizing taste of its potent road performance. Serving to
counterpoint the sensuous curves of the one-motion form are the
sharply raked windscreen, the V-cut rear combination lamps and
the linear-design high-mounted auxiliary brake light tastefully
integrated into the trunk lid.
The interior uses high-quality orange suede upholstery and trim
in creating a sporty and classy look that matches Colt coupe-
cabriolet concept's athletic and open car personality.
3. Lancer Evolution IX walkaround (European market model)
The European market Lancer Evolution IX shares many of the
features of Lancer Evolution IX launched in Japan in March 2005:
the power unit uses MIVEC variable valve timing technology in
the inlet valvetrain; improvements to the turbocharger generate
gutsier torque and deliver improved response across the full RPM
range; and maximum power has been boosted 15 PS to 280 PS. The
European Lancer Evolution IX brings a 3% improvement in fuel
economy over its predecessor and earns the Euro-4 emissions
rating. Redesigned front and rear bumpers improve cooling
without impacting the aerodynamics.
For the first time on a European market model, Lancer Evolution
IX uses a 6-speed manual transmission.
As on the Japanese market model, the European Lancer Evolution
IX uses an aluminum roof panel and door side impact bars,
reducing weight by 7.5 kg. Chassis performance is substantially
improved by the use of high-response Bilstein monotube shock
absorbers and 17-inch Enkei 5-double-spoke design lightweight
alloy road wheels that are 150 grams lighter per wheel.
4. Grandis DI-D walkaround
Launched on the European market in April 2004, the 3-row seating
Grandis has received high critical acclaim for its sporty lines,
stable handling characteristics, comfortable ride and
outstanding interior utility. To closer meet the needs of the
European market, in September 2005 the company released a new
model powered by a Volkswagen 2.0-liter direct-injection
turbocharged diesel engine.
This is a company press release.
CONTACT:
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp
MITSUBISHI FUSO: Welcomes New President
---------------------------------------
Mitsubishi Fuso Truck & Bus Corporation (MFTBC) has named Dr.
Rudolf Steinle President & CEO of Mitsubishi Fuso Truck Thailand
Co. Ltd. Dr. Steinle will be responsible for all aspects of the
company's participation in the Thailand commercial vehicle
market. He succeeds Mr. Tetsuo Matsuzawa, who is returning to
Tokyo to undertake key projects in MFTBC's finance department.
"Dr. Steinle's broad experience in global truck and automotive
business will prove invaluable to our efforts in the Thailand
commercial vehicle market," said Mr. Bert van Dijk, MFTBC Board
Member and responsible for International Sales & Service. "At
the same time, we thank Mr. Matsuzawa for his excellent service
in Thailand since July of 2004."
A wholly-owned subsidiary of MFTBC, Mitsubishi Fuso Truck
Thailand Co. Ltd. offers a full range of commercial vehicles
from 3.5 tons and higher to the Thailand market. In 2004,
Thailand sales of Mitsubishi Fuso vehicles totaled 1,700 units
(wholesale).
Dr. Steinle began his career with DaimlerChrysler (then Daimler-
Benz) in 1984. He has held a variety of positions including head
of the controlling department at the Mercedes-Benz plant in
Bremen, Germany (1993-1996) and Controller of Mercedes-Benz
U.S.A. in Montvale, New Jersey (1996-2001). In January 2001, he
joined the controlling department of Mitsubishi Motors
Corporation (MMC) in Tokyo. From January 2003 to December 2004,
he served as Executive Vice President & Chief Financial Officer
for Mitsubishi Motors (Thailand) Co., Ltd. Since January 2005,
he has been working on strategic projects in International Sales
& Service for MFTBC.
Dr. Steinle was educated at the Universities of Tuebingen and
Regensburg and graduated as a doctor of economics in 1993 from
the University of Bayreuth.
Mitsubishi Fuso Truck & Bus Corporation (MFTBC), a fully
consolidated subsidiary of DaimlerChrysler AG, is one of Asia's
leading commercial vehicle manufacturers. In 2004, MFTBC sold in
the international markets outside Japan approximately 115,000
commercial vehicles (+25 % versus 2003), while keeping its
number one position in Southeast Asia.
DaimlerChrysler AG owns 85 percent of MFTBC shares. The
remaining 15% of shares continue to be held by various
Mitsubishi group companies. Mitsubishi Fuso is an integral part
of DaimlerChrysler's Commercial Vehicle Division.
This is a company press release.
CONTACT:
Mitsubishi Fuso Truck and Bus Corporation
2-16-4, Kounan,
Minato-ku,Tokyo 108-8285,
Phone: +81-3-6719-4821
Fax: +81-3-6719-0111
Web site: http://www.mitsubishi-fuso.com
RESONA BANK: Two Banks Integrate Computer Systems
-------------------------------------------------
Resona Bank and Saitama Resona Bank has combined two computer
systems developed by their predecessor banks to allow all their
branches to handle common financial products, according to Kyodo
News.
After the integration on Saturday and Sunday, there were no
reports of trouble at their automated teller machines Monday
morning, said the two banks owned by Resona Holdings
Incorporated.
CONTACT:
Resona Holdings, Inc.
Address: 2-1, Bingomachi 2-chome, Chuo-ku
Osaka 540-8608, Japan
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337
SEIBU RAILWAY: Rules Out Sale of Lions
--------------------------------------
The Seibu Railway Co. group said it would not sell the Seibu
Lions professional baseball club, reports Kyodo News, citing
Seibu Railway President Takashi Goto.
"The Seibu group will retain it," Goto said, referring to the
likelihood of the group selling the club as part of its
rehabilitation efforts. Goto, a former Mizuho Corporate Bank
vice president, said the team is "the group's symbol" and an
essential part of its rehabilitation scheme.
Seibu Railway Co. posted a group net loss of JPY13 billion in
fiscal 2004, the second year in a row it has posted losses.
CONTACT:
Seibu Railway Co Ltd
11-1 Kusunokidai 1-Chome
Tokorozawa 359-8520, Saitama 359-8520
Japan
Phone: +81 42 926 2081
Fax: +81 42 926 2237
Web site: http://www.seibu-group.co.jp/
UFJ HOLDINGS: Reset Conversion Ratios for Class IV, V Shares
------------------------------------------------------------
UFJ Holdings Inc. hereby gives notice that the conversion ratios
for Series 4 Class 4 Preferred Shares and the Series 5 Class 5
Preferred Shares of our company shall be revised as follows,
based on the stipulations for conversion of the said Preferred
shares.
Description:
Series 4 Class 4 Series 5 Class 5
Preferred Shares Preferred Shares
Conversion ratio after reset 2.976 2.976
Conversion ratio before reset 3.543 3.543
Effective date As from October 5, 2005 As from October 5, 2005
Please note that, in accordance with the merger between UFJ
Holdings, Inc. and Mitsubishi Tokyo Financial Group, Inc. (new
corporate name after the merger is Mitsubishi UFJ Financial
Group, Inc.), Class 9 Preferred Shares of MUFG and Class 10
Preferred Shares of MUFG will have been allotted to Series 4
Class 4 Preferred Shares and Series 5 Class 5 Preferred Shares,
respectively, on the effective date.
Accordingly, the initial conversion ratios of Class 9 Preferred
Shares and Class 10 Preferred Shares of MUFG will be reset as
follows, based on the stipulations for conversion of the said
Preferred Shares:
Class 9 Preferred Shares Class 10
Preferred Shares
of MUFG of MUFG
Conversion ratio after reset 1.826 1.826
Initial conversion ratio 2.197 2.197
Effective date As from October 5, 2005 As from October 5, 2005
(Number of preferred shares issued (as of today))
Series 4 Class 4
Preferred Shares 150,000 shares
Series 5 Class 5
Preferred Shares 150,000 shares
(Issuance of the Preferred Shares of MUFG upon the merger)
The Preferred Shares of MUFG will be issued in connection with
the merger by way of allotment to the Preferred Shares of UFJ
Holdings, Inc. as follows:
Preferred Share of UFJ Holdings, Inc. Preferred Share of MUFG
One (1) Series 4 Class 4 Preferred Share One (1) Class 9
Preferred Share
One (1) Series 5 Class 5 Preferred Share One (1) Class 10
Preferred Share
CONTACT:
UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
Web site: http://www.ufj.co.jp
=========
K O R E A
=========
HANARO TELECOM: Reorganization to Boost Sales, Service Functions
----------------------------------------------------------------
Hanaro Telecom Incorporated advised in a press release that it
underwent reorganization to provide superior customer service,
promote organizational efficiency, and maximize profitability.
Hanaro Telecom explained that the restructuring was a move to
bolster management of sales and service functions, reduce
administrative staff functions, and increase operational
efficiency.
Hanaro Telecom explained that it would abolish the current
chief-led division system and establish an Executive Committee
that will make important decisions for the company.
Hanaro Telecom added that it is focusing its resources on
growing Hanaro Telecom as a 'customer-centric' company.
Accordingly, the organizational structure has been dramatically
reduced to 4 Divisions, 10 Units, 3 Headquarters from the
previous 7 Divisions, 29 Units and 4 Headquarters. 8 branch
offices including Kangnam will remain unchanged.
Prior to the restructuring, 55 executives of Hanaro Telecom had
tendered their resignation en masse on September 6, 2005. The
new structure reflects a reduction of 25 executives.
The administrative staffs will be streamlined and some
redeployed to sales and customer service functions to maximize
customer-facing operations.
Hanaro's new, flexible organizational structure will enable the
company to respond swiftly to market dynamics.
Meanwhile, Mr. Byung Moo Park of Newbridge Capital, one of the
major shareholders of Hanaro Telecom said that ''the recent
reports about Hanaro Telecom's main shareholders preparing for
an exit are groundless" and added that "there would be support
for the continued growth and development of Hanaro Telecom".
To view a diagram of the organizational structure, click
http://bankrupt.com/misc/HanaroTelecomOrganizationaStructure.doc
CONTACT:
Hanaro Telecom, Inc. (NASDAQ: HANA)
Shindongah Fire & Marine Insurance Bldg. 43,
Taepyeongno2-Ga, Jung-Gu
Seoul, 100-733, South Korea
Phone: +82-106
Fax: +82-2-6266-4399
Web site: http://www.hanaro.com
===============
M A L A Y S I A
===============
ANCOM BERHAD: Repurchases 51,000 Ordinary Shares
------------------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a notice
of shares buy back with the following details:
Date of buy back: September 9, 2005
Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 51,000
Minimum price paid for each share purchased (MYR): 0.650
Maximum price paid for each share purchased (MYR): 0.660
Total consideration paid (MYR):
Number of shares purchased retained in treasury (units): 51,000
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 13,616,900
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor
Telephone: 03-77252888
Fax: 03-77257791
Web site: http://www.ancom.com.my
ANTAH HOLDING: Releases Monthly Status of Payment in Default
------------------------------------------------------------
Further to the announcement on August 5, 2005, the Board of
Directors of Antah Holding Berhad (Antah) issued to Bursa
Malaysia Securities Berhad an update on the details of the
various credit facilities in default to the financial
institutions as at August 31, 2005, details of which are as per
attached.
Click to view details of payments defaulted
http://bankrupt.com/misc/AntahHoldingsLoan
CONTACT:
Antah Holding Berhad
9577 Jalan SS16/1 Subang Jaya
47500 Petaling Jaya Selangor
Telephone: 03-5632 8668
Fax: 03-5635 1234
CEPATWAWASAN GROUP: Shareholders OK AGM Resolutions
---------------------------------------------------
Cepatwawasan Group Berhad advised Bursa Malaysia Securities
Berhad that the shareholders of Cepatwawasan Group Berhad have
at the 5th Annual General Meeting (AGM) held this afternoon
passed all the resolutions set out in the Notice of the 5th AGM
dated August 18, 2005.
CONTACT:
Cepatwawasan Group Bhd.
Malaysia
Phone: 60 89 272 773
Fax: 60 89 272 772
E-mail: cptgrp@tm.net.my
DATUK KERAMAT: Court Dismisses Wind-Up Petition
-----------------------------------------------
Datuk Keramat Holdings Berhad refers to Bursa Malaysia
Securities Berhad's letter dated September 9, 2005.
The company furnished the Exchange with the following
information for public release:
(1) The stay of execution of the winding-up order is until the
appeals against the dismissal of the striking out application
and also against the granting of the winding-up order are heard
and disposed of by the Court of Appeal.
(2) The notice of appeal to the Court of Appeal was filed on
August 23, 2005. No date has been fixed for hearing of the
appeals as yet by the Court of Appeal.
Bursa Malaysia Query Letter content:
Bursa Malaysia refers to the company's announcement dated
September 8, 2005.
In this connection, kindly furnish the Exchange immediately with
the following information for public release:
(1) The period and expiry date for the stay of execution of the
winding-up order.
(2) The status of the appeal against the winding-up order.
Yours faithfully
Lisa Lam
Sector Head
Issues & Listing
Group Regulations
CONTACT:
Datuk Keramat Holdings Berhad
16B 3rd Floor
Jalan 14/20 Section 14
46100 Petaling Jaya
Malaysia
Phone: 03-79588166
Fax: 03-79566766
DUOPHARMA BIOTECH: TMSB Acquires Shares
---------------------------------------
Duopharma Biotech Berhad (Duopharma) issued to Bursa Malaysia
Securities Berhad an update on the conditional mandatory offer
by Tekan Maju Sdn Bhd (TMSB), a wholly owned subsidiary of
Chemical Company of Malaysia Berhad, to acquire up to 92,490,610
Duopharma Shares (Offer Shares) not already owned by TMSB and
persons acting in concert for a cash offer price of MYR2.80 per
offer share disclosure of dealings pursuant to the Malaysian
Code on takeovers and mergers, 1998 (Code).
Pursuant to Section 36 of the Code, Duopharma advised the bourse
on the dealings by TMSB in the Duopharma Shares. The details of
the dealings are set out in the table below:
Date of Name of Description No. of Shares Transaction
Transaction Party of Transaction acquired/ price per
Disposed share
08/09/2005 TMSB Acquisition 65,400 MYR2.75
KENMARK INDUSTRIAL: Clinches MYR50-Mln Loan
-------------------------------------------
The Board of Directors of Kenmark Industrial Co. (M) Bhd
disclosed to Bursa Malaysia Securities Berhad that it has on
September 9, 2005 signed a Facility Agreement with EON Bank
Berhad as Lender and CapOne Berhad for an unsecured fixed rate
term loan facility of MYR50 million under a Primary
Collateralised Loan Obligations Programme arranged by Malaysian
International Merchant Bankers Berhad.
The Facility is for a period of five (5) years. The purpose of
the Facility is for the working capital and general corporate
purposes of the Company.
The Facility will not have any material effect on the net
tangible assets, the earnings and share capital of the Company
for the financial year ending December 31, 2005. None of the
Directors and/or substantial shareholders of the Company have
any interest, direct or indirect, in the Facility.
This announcement is dated 9 September 2005.
CONTACT:
Kenmark Industrial Co., Ltd.
4, Jalan Wawasan Ampang 1/2
Ampang Selangor 68000
Malaysia
Telephone: 03-42948691
Fax: 03-42948692
KIG GLASS: Net Loss Widens to MYR15,330,000
-------------------------------------------
KIG Glass Industrial Berhad furnished Bursa Malaysia Securities
Berhad a copy of its unaudited second quarter financial report
for the financial period ended June 30, 2005.
Summary of Key Financial Information
June 30, 2005
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
30/06/2005 30/06/2004 30/06/2005 30/06/2004
MYR'000 MYR'000 MYR'000 MYR'000
(1) Revenue
17,436 17,445 34,114 39,786
(2) Profit/(loss) before tax
-15,997 -6,397 -23,107 -13,920
(3) Profit/(loss) after tax and minority interest
-15,330 -5,998 -21,657 -13,040
(4) Net profit/(loss) for the period
-15,330 -5,998 -21,657 -13,040
(5) Basic earnings/(loss) per shares (sen)
-9.40 -3.68 -13.28 -8.00
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
As at end of As at Preceding
Current Quarter Financial Year End
(7) Net tangible assets per share (MYR)
0.0529 0.1857
To view a full copy of the financial statement, click
http://bankrupt.com/misc/KIGGlassQuarterlyrptJune05.xls
To view a full copy of the notes to FS, click
http://bankrupt.com/misc/KIGGlassQuarterlyrptJune05.doc..doc
CONTACT:
KIG Glass Industrial Berhad
PLO 340 Jalan Perak 4
81707 Pasir Gudang, Johor Darul Ta'zim 80400
Malaysia
Telephone: +60 7 251 5282
Fax: +60 7 251 5278
MAGNUM CORPORATION: Issues New Shares for Listing, Quotation
------------------------------------------------------------
Magnum Corporation Berhad advised that its additional 21,000 new
ordinary shares of MYR0.50 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Tuesday, September 13, 2005.
CONTACT:
Magnum Corporation Berhad
No 8 Jalan Munshi Abdullah
50100 Kuala Lumpur, 50100
Malaysia
Telephone: +60 3 2698 8033
Fax: +60 3 2698 9885
MERCES HOLDINGS: Winding Up Hearing Moved to November 10
--------------------------------------------------------
Further to the announcement made on July 29, 2005, Merces
Holdings Berhad informed Bursa Malaysia Securities Berhad that
the hearing of the Winding Up Petition fixed on September 8,
2005 was adjourned by the Court to November 10, 2005.
This announcement is dated 12th September 2005.
CONTACT:
Merces Holdings Bhd
Malaysia
Phone: 60 3 2072 8100
Fax: 60 3 2072 8101
NAIM INDAH: Bourse to List, Quote New Shares
--------------------------------------------
Naim Indah Corporation Berhad advised that its additional
250,000 new ordinary shares of MYR0.20 each arising from the
conversion of 250,000 Nominal Value of MYR0.20 Irredeemable
Convertible Unsecured Loan Stocks 2003/2006 into 250,000 New
Ordinary Shares will be granted listing and quotation by Bursa
Malaysia Securities Berhad with effect from 9:00 a.m.,
Wednesday, September 14, 2005.
CONTACT:
Naim Indah Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: +60 3 4043 9411
OILCORP BERHAD: Snags New Term Loan Facility
--------------------------------------------
Oilcorp Berhad issued to Bursa Malaysia Securities Berhad
details of the unsecured fixed Term Loan Facility under Primary
Collateralized Loan Obligation Programme.
(1.0) Introduction
The Board of Directors of Oilcorp Berhad (Oilcorp) advised the
exchange that it has on August 30, 2005 signed a Facility
Agreement with Eon Bank Berhad (the Lender) and CapOne Berhad
(the issuer) for an unsecured fixed term loan facility under
Primary Collateralized Loan Obligation Programme up to the
maximum principal amount of MYR50.0 Million (the Facility).
(2.0) Tenor of the Facility
The tenor of the facility is for 5 years.
(3.0) Utilization of Proceeds
The purpose of the facility is for the working capital and
general corporate purposes of the Company and/or its
subsidiaries.
(4.0) Financial Effects
(4.1) Share Capital
The facility will not have any effect on the share capital of
Oilcorp
(4.2) Earnings
Save for the upfront fee and prescribed rate incidental to the
facility, the facility is not expected to have any material
effect on the earnings of Oilcorp for the financial ending
December 31, 2005.
(4.3) Net Tangible Assets (NTA)
The Facility is not expected to have any material effect on the
NTA of Oilcorp for the financial year ending December 31, 2005.
(5.0) Directors and Substantial Shareholders Interest
None of the Directors and/or substantial shareholders of the
Company have any interest, direct or indirect, in the Facility.
This announcement is dated 9 September 2005.
CONTACT:
Oilcorp Berhad (553069-T)
No. 2-2, Jalan SS 6/6,
Kelana Jaya, 47301 Petaling Jaya,
Selangor Darul Ehsan, Malaysia
Telephone: 603 7804 4843
Fax: 603 7804 6212
E-mail: info@oilcorp.com.my
PANGLOBAL BERHAD: Submits Restructuring Scheme Application
----------------------------------------------------------
Further to the announcements on May 26, 2005 and September 8,
2005, Avenue Securities Sdn Bhd on behalf of PANGLOBAL BERHAD
(PGB) informed Bursa Malaysia Securities Berhad that the
application in relation to the Proposed Restructuring Scheme has
been submitted to the Securities Commission on 9 September 2005.
This announcement is dated 12 September 2005.
CONTACT:
Panglobal Bhd
Level 33, Menara Panglobal,
8 Jalan Sultan Ismail,
Kuala Lumpur
Wilayah Persekutuan 50250
Malaysia
Telephone: 03-20319199
Fax: 03-20323977
PUNCAK NIAGA: New Shares Up for Listing, Quotation
--------------------------------------------------
Puncak Niaga Holdings Berhad advised that its additional 28,000
new ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Wednesday, September 14, 2005.
CONTACT:
Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Phone: 03-20318648
Fax: 03-20784386
Web site: http://www.puncakniaga.com.my
SIN KEAN: Acquires Mecglow Shares
---------------------------------
Sin Kean Boon Group Berhad furnished Bursa Malaysia Securities
Berhad details of investment in Mecglow Industries Sdn. Bhd.
(1) Introduction
The Board of Directors of Sin Kean Boon Group Berhad (SKBG)
advised the bourse that it had on September 9, 2005 acquired 2
ordinary shares of MYR1.00 each in the capital of Mecglow
Industries Sdn. Bhd. (MISB), for a total cash consideration of
MYR2.00 (hereinafter referred to as Investment). This
represents 100 percent of the total issued and paid up share
capital of MISB.
SKBG shall further subscribe for 305,998 ordinary shares of
MYR1/= each at par value for cash, making a total of 306,000
ordinary shares of MYR1/= each, representing 51 percent of the
total issued and paid-up share capital of MISB.
(2) Background Information on MISB
MISB was incorporated on July 19, 2005. MISB's authorized share
capital is currently MYR100,000/- comprising 100,000 ordinary
shares of MYR1.00 each whilst its present issued and fully paid-
up share capital is MYR2.00. Currently MISB is a dormant
company.
MISB shall be a joint venture company between SKBG and Jiyung
Co. Ltd. (Jiyung) a company incorporated in the Republic of
China. MISB shall venture into the higher end of the pallet
racking and shelving systems which is the mobile racking,
Automatic Storage and Retrieval System (ASRS) and better and
higher profit margin racking products. MISB will be into more of
providing a total storage solution to its customers instead of
selling only racking parts.
The authorized and total issued and paid up share capital of
MISB will be increased to 1,000,000 ordinary shares of MYR1/=
each and 600,000 ordinary shares of MYR1/= each respectively.
The equity to be held by the respective parties in MISB will be
as follows:
Name No. of shares %
SKBG 305,998 Ordinary
shares of MYR1-00 each 51
Jiyung 294,000 Ordinary shares
of MYR1-00 each 49
599,998 100
(3) Rationale for the Investment
The purpose of the above investment is to enter into a joint
venture with Jiyung for venturing into the Automatic Storage and
Retrieval System market and also other automatic racking and
shelving systems that require updated and new technical support
in the Asean region and neighboring countries.
MISB's activities will be well supported by Jiyung's technical
know-how and expertise whereby its General Manager and a
shareholder, Mr. Huang, Wu-Jing has more than 20 years
experiences in this line of industries.
Mr. Huang has been involved in numerous projects of similar kind
back in the Republic of China and also its neighboring
countries. He has the contacts and the market networking for the
abovementioned products.
(4) Source of Funds for Financing the Investment
The financing of investment in MISB will be from internally
generated funds.
(5) Salient Features of Joint Venture
No formal joint venture has been drawn up to date.
(6) Financial Effects of the Investment
(6.1) Earnings
The investment is not expected to have any material impact on
SKBG Group's earnings for the financial year ending December 31,
2005.
(6.2) Net Tangible Assets
The said investment will not have any significant effect on the
consolidated net tangible assets of SKBG Group.
(6.3) Share Capital
The said investment will not have any effect on the issued and
paid-up share capital of SKBG.
(6.4) Substantial Shareholding
The said investment will not have any significant effect on the
shareholdings of substantial shareholders.
(7) Approval
No shareholders' approval is required.
(8) Directors' and Major Shareholders' Interests and Person
Connected to Directors and Major Shareholders
None of the Directors and/or major shareholders and/or persons
connected with a Director or major shareholders of SKBG have any
interest, direct and indirect in the investment in MISB.
(9) Statement by the Board of Directors
The Board of Directors is of the opinion that the investment is
in the best interest of the Company.
The Board is not aware of any departure from Securities
Commission's Policies And Guidelines On Issue / Offer Of
Securities.
Yours sincerely
Lam Voon Kean (MIA 4793)
Joint Secretary
CONTACT:
Sin Kean Boon Group Bhd
Room 102, 1st Floor,
Wisma Penang Garden, 42,
Jalan Sultan Ahmad Shah,
Penang 10050 Malaysia
Telephone: 04-6432332
Fax: 04-6432509,04-6432478
TA ENTERPRISE: Units Acquire Astra Dynamik Shares
-------------------------------------------------
The Board of Directors of TA Enterprise Berhad (TAE) advised
Bursa Malaysia Securities Berhad that TA Properties Sdn. Bhd., a
wholly owned subsidiary of TAE has acquired 2 ordinary shares of
MYR1.00 each representing 100 percent equity interest in Astra
Dinamik Sdn. Bhd. (ADSB) for a total cash consideration of
MYR2.00 on September 9, 2005.
ADSB was incorporated on August 24, 2005 as a private limited
company in Malaysia under the Companies Act, 1965. ADSB has an
authorized share capital of MYR100,000.00 divided into 100,000
ordinary shares of MYR1.00 each.
The issued and paid-up capital of ADSB is MYR2.00 divided into 2
ordinary shares of MYR1.00 each fully paid-up. The principal
activity is investment holding and ADSB is currently dormant.
None of the Directors, substantial shareholders and/or persons
connected with them has any direct or indirect interest in the
aforesaid acquisition.
This announcement is dated 9 September 2005.
CONTACT:
TA Enterprise Berhad
No 22 Jalan P Ramlee
50250 Kuala Lumpur, 50250
Malaysia
Telephone: +60 3 2072 1277
Fax: +60 3 2031 6608
TENCO BERHAD: Shareholders Approve All Resolutions at Meeting
-------------------------------------------------------------
The Board of Directors of Tenco Berhad informed Bursa Malaysia
Securities Berhad that at the Twenty First Annual General
Meeting of the Company held on September 9, 2005, the
shareholders of the Company have approved all the ordinary
resolutions as set out in the Notice convening the said meeting
as contained in the Annual Report to shareholders dated August
18, 2005.
CONTACT:
Tenco Berhad
No. 5, Jalan Pelabur 23/1
40000 Shah Alam, Selangor
Malaysia
Phone: (60) 3 541 0612
Fax: (60) 3 541 0132
TRADEWINDS CORPORATION: Extends Agreement Until September 30
------------------------------------------------------------
Reference is made to Tradewinds Corporation Berhad's (TCB)
announcements dated January 20, 2004, June 29, 2004, September
15, 2004 and May 27, 2005 in relation to proposed surrender of
lease by Sovereign Place Sdn Bhd (SPSB) (a wholly owned
subsidiary of Tradewinds (M) Berhad) on approximately 20,697 sq.
metres of land all located in Seksyen 46, Bandar Kuala Lumpur,
Daerah Kuala Lumpur, Negeri Wilayah Persekutuan (KL Land) to
Tradewinds Properties Sdn Bhd (TPSB) (formerly known as Pernas
Properties Sdn Bhd), (a wholly owned subsidiary of TCB (formerly
known as Pernas International Holdings Berhad)) and the
subsequent disposal of the KL Land to IJM Properties Sdn Bhd
(IJMP) (a wholly owned subsidiary of IJM Corporation Berhad) for
a total cash consideration of MYR100 million (Proposed Surrender
of Lease and Disposal).
On behalf of TCB, Aseambankers Malaysia Berhad advised the
exchange that the date for the fulfillment of the conditions
precedent set out in the sale and purchase cum surrender of
lease agreement dated January 20, 2004 (Agreement) as amended by
the letters dated August 11, 2004, August 23, 2004, September
13, 2004, November 5, 2004, November 10, 2004, November 24,
2004, November 30, 2004, December 27, 2004, February 25, 2005
and May 25, 2005 between TPSB, SPSB, IJMP, SPSB's solicitors and
IJMP's solicitors (Letters) has been extended up to September
30, 2005 pursuant to the letter from IJMP's solicitors dated
September 2, 2005 (Extension Letter), which was received on
September 9, 2005.
All the other terms and conditions in the Agreement remain
unchanged.
The Extension Letter will be available for inspection at the
registered office of TCB at 21st Floor, Wisma Zelan, No. 1,
Jalan Tasik Permaisuri 2, Bandar Tun Razak, Cheras, 56000 Kuala
Lumpur between 9:00 a.m. to 5:00 p.m. from Monday to Friday for
a period of one (1) month from the date of this announcement.
This announcement is dated 9 September 2005.
CONTACT:
Tradewinds Corporation Berhad
No 1 Jalan Tasik Permaisuri 2
56000 Kuala Lumpur, Kuala Lumpur 50350
Malaysia
Telephone: +60 3 9173 0177
Fax: +60 3 9173 4996
=====================
P H I L I P P I N E S
=====================
LEPANTO CONSOLIDATED: Confirms Signing of MOA with Union
--------------------------------------------------------
Lepanto Consolidated Mining Company advised that the labor
dispute at the minesite has been completely resolved through a
Memorandum of Agreement (MOA) that the Company had recently
signed with the Lepanto Employees' Union (LEU) representatives.
In the MOA, all LEU members in good standing were expected to
report to back to work Monday. The LEU officers who initiated
the strike acknowledge and accept the severance of their
employment. Mine rehabilitation will immediately commence with a
view to attaining normal production level as soon as possible.
The Company also advised that subsequent to Lepanto's filing
late last month of a complaint to declare its hedging
transactions with NM Rothschild & Sons (Australia) Limited null
and void, Lepanto has received a notice from Rothschild that an
event of default exists in regard to hedging contracts covering
a total of 4,873 ounces gold.
Rothschild also notified Lepanto of an "Early Termination Date"
in respect of all outstanding transactions between Rothschild
and Lepanto, involving a further 92,873 ounces. However, all
such claims of Rothschild are being disputed by Lepanto through
the case that had been filed on the ground that such claims are
unfounded inasmuch as the hedging contracts are null and void.
CONTACT:
Lepanto Consolidated Mining Co.
21st Floor, Lepanto Building
8747 Paseo de Roxas
1226 City of Makati
Telephone No. 815-9447
Fax: 63 (2) 812-0451/63 (2) 810-5583
E-mail: mis@lepantomining.com
Web site: http://www.lepantomining.com
MAKATI MEDICAL: Union Files Strike Notice
-----------------------------------------
The National Conciliation and Mediation Board (NCMB) has
received a notice of strike filed by the Makati Medical Center
Employees Association, BusinessWorld says.
The Makati Med employees union was preparing to stage an
industrial action after collective bargaining talks with
management failed.
Union president Willy M. Pulia said the group decided to file
the notice on the basis of a CBA (collective bargaining
agreement) deadlock after the hospital management wanted a two-
year moratorium on salary increases.
Mr. Pulia said they stand to lose some of their benefits,
particularly their hospitalization assistance, if management's
terms during the collective bargaining were to be followed. He
did not give other details except to say the union leadership
held a meeting yesterday afternoon regarding the issue.
CONTACT:
Makati Medical Center
2 Amorsolo St., Legaspi Village,
Makati City
Philippines
Phone 815-9911
Web site: http://www.makatimed.ph
MANILA ELECTRIC: Customers to Enjoy Lower Rates This Month
----------------------------------------------------------
Customers of Manila Electric Company (Meralco) will be paying
lower electricity bills this month, according to The Philippine
Star.
The lower rate is a result of trimming both its generation and
systems loss charges.
For this month, Meralco will get a reprieve from surging
electricity bills with households consuming an average of 200
kilowatt (kWh) per month getting a reduction of as much as
Php45.84 in this month's bill as a result of the government's
"economic dispatch" scheme.
Economic dispatch refers to the dispatch of power plants to
achieve the economic operation and maintenance of quality,
stable, reliable and secure power system, resulting in the least
cost to the consumers.
As a result of the economic dispatch, Meralco generated a
discount of 22.92 centavos per kWh.
Meralco also said its lower rates this month is a result of the
lower generation and systems loss charges. This will translate
into decreases ranging from 0.33 centavos to 2.57 centavos for
residential and other secondary customers.
CONTACT:
Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone: 16220 (TL); 633-4553 (Corp. Sec.)
Fax: (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph
NATIONAL FOOD: Requires Clearance in Transporting Rice
------------------------------------------------------
The National Food Authority (NFA) is requiring clearance in
transporting rice and its by-products by water so it can monitor
the position and movement of food stocks while forestalling
illegal trade.
NFA assistant manager Ramon Cangrejo, during the ARENA-XI Forum
aired over DXRP Radyo ng Bayan together with Loreta Suratos said
the requirement is based under Letter Circular No. AO-2K 1-08-
001 which also penalizes shippers who doesn't comply with the
requirements with fine and imprisonment and the seizure of their
stocks.
Water transport is not limited to vessels, boats barges and
other watercraft. It can also be a full container load of rice
stocks loaded on trucks on board ferry boats.
Unless otherwise amended, said Circular regulations states that
application for a shipping clearance is a must and should be
made five (5) days prior to loading.
The clearance itself is good for 15 days from date of issuance.
It is issued on a per shipment transaction basis.
The NFA ruling requires both shipper and consignee to be duly
licensed by NFA as wholesaler or transporter. In case the rice
to be shipped is imported, the shipper or transporter should be
a licensed NFA importer with an active NFA import permit.
It the transporter is not a direct importer and just occupied
stocks from another wholesaler or importer, he should possess a
documentary evidence such as invoices issued by the importer and
the corresponding NFA permits.
Absence of these documents would be ground for seizure and
detention and eventual confiscation of the stocks by NFA or
other enforcement agencies like the Bureau of Customs.
Before the issuance of clearance, stocks will be inspected by
authorized NFA personnel to ensure compliance with quality
packaging and labeling standards.
Unless amended, violation of the Circular can lead to
imprisonment of six (6) months to one year or a fine of at least
PHP1,000 or both, depending on the court.
CONTACT:
National Food Authority
101 E. Rodriguez Sr. Ave.,
Quezon City, 1100
Philippines
Web site: http://www.nfa.gov.ph/
NATIONAL POWER: WB OKs Sale of Masinloc Plant to YNN Pacific
------------------------------------------------------------
One of the major multilateral creditors of National Power
Corporation (Napocor) is amenable to the sale of the 600-
megawatt (MW) Masinloc coal power plant in Zambales, The
Philippine Star reports.
The World Bank (WB) sent a letter to the Power Sector Assets and
Liabilities Management Corp. (PSALM), confirming its approval of
the sale of the Masinloc facility to winning bidder YNN Pacific
consortium.
PSALM, the state agency tasked to privatize Napocor's assets,
successfully sold the Masinloc power facility late last year to
YNN Pacific, which submitted the highest bid of US$561.7
million. Australian-Filipino consortium YNN outbid First
Generation Holdings Corp. of the Lopez Group.
PSALM is still waiting for the approval of the Japan Bank for
International Cooperation (JBIC) to complete the process of
securing the consent of all creditors, which is a requirement
for the turnover of Masinlco to YNN.
Once JBIC's consent on Masinloc is secured, PSALM can already
request the transfer of thr erequired upfront payment equivalent
to 40 percent of the aggregate purchase price of US$557 million
or US$222.8 million to the National Government.
On July 19, the Asian Development Bank (ADB) also gave the green
light for the sale of the Masinloc power facility together with
the transfer of other liabilities and eligible generation assets
of Napocor to PSALM. PSALM is also pushing the ADB to give its
"universal consent" which will enable the government to
privatize its power assets without again going back to the ADB
for approval.
Masinloc plant is the single biggest sale of PSALM. The other
plants that have been successfully privatized are small hydro
power plants Talomo in Davao City, Agusan in Bukidnon, Barit in
Camarines Sur, Cawayan in Sorsogon and Loboc in Bohol, all of
which have already been turned over to their new owners.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
=================
S I N G A P O R E
=================
EI-NETS LIMITED: Appoints New Executive Chairman
------------------------------------------------
EI-Nets Limited announced that on Aug. 17, 2005, the Company
appointed Mr. Ngo Gim Kang as the new Executive Chairman as Mr.
Phua Teck Chew relinquished his position as President and CEO of
the Company. The appointment was effective Sept. 12, 2005.
As the Company's Executive Chairman, Mr. Ngo will be responsible
for the conduct of the business and affairs of the Company and
its subsidiaries.
CONTACT:
Ei-Nets Limited (Singapore)
152 Ubi Avenue 4 #03-00
ArmorCoat Technologies Building
Singapore 408826
Phone: 65 6846 8826
Fax: 65 6846 8827
Email: enquiry@ei-nets.com
Web site: http://www.ei-nets.com/
GLOBAL AERO: To Distribute Dividend to Creditors
------------------------------------------------
Global Aero Design Center Pte Limited, formerly of 511 Kampong
Bahru Road, #05-04 Keppel Distripark, Singapore 099447 posted a
notice of intended dividend at the Government Gazette,
Electronic Edition with the following details:
Name of Company: Global Aero Design Center Pte Limited
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 158 of 1999
Last day for receiving proofs: Sept. 23, 2005
Name & address of Liquidators: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
Dated: Sept. 9, 2005
Kamala Ponnampalam
Assistant Official Receiver
MAGNUS ENERGY: Acquires Majority Stake in Indonesian Firm
---------------------------------------------------------
Magnus Energy Group Limited refers to its announcements made on
Aug. 19, 2005 and earlier on the Company's proposed acquisition
of 396 issued shares of IDR1,000,000 (SGD166.51) each ,
representing 72% of the entire issued share capital of
Indonesian firm PT Deefu Chemical Indonesia from Tjong Very
Sumito, Iman Haryanto and Herman Aries Tintowo.
The consideration of the proposed Acquisition is USD18 million
(SGD30.22 million), of which USD12.25 million (SGD20.57 million)
will be satisfied in cash while USD5.75 million (SGD9.66) will
be satisfied by issuance of up to 177,727,273 new ordinary
shares of the Company at SGD0.50 each, credited as fully paid-
up.
The Company announces that the Singapore Exchange Securities
Trading Limited (SGX-ST) gave its in-principle approval for the
itss application for the listing and quotation of the
Consideration Shares. The SGX-ST's in-principle approval does
not indicate the merits of the proposed Acquisition, the
Consideration Shares, the Company, its subsidiaries or
securities.
The Company will dispatch a circular providing details on the
acquisition to its shareholders in due course.
By Order of The Board
Wong Siew Chuan
Company Secretary
Sept. 12, 2005
CONTACT:
Magnus Energy Group Limited
22 Tagore Lane
Singapore 787480
Phone: 65 6455 3922
Fax: 65 6455 7322
Web site: http://www.magnus.com.sg/
PENTON INTERNATIONAL: AGM Fixed September 28
--------------------------------------------
Notice is hereby given that the Annual General Meeting (AGM) of
Penton International Limited will be held on Sept. 28, 2005,
3:00 p.m. at 80 Raffles Place, #24-21A UOB Plaza 2, Singapore
048624.
To view the details of the Company's AGM, go to:
http://bankrupt.com/misc/tcrap_penton091305.pdf
CONTACT:
Penton International Limited
80 Raffles Place
#24-21A UOB Plaza 2
Singapore 048624
Phone: 65 6538 3938
65 6538 0678
Fax: 65 6538 2689
Email: info@penton.com.sg
Web site: http://www.penton.com.sg/
VIRAJAYA INTERNATIONAL: Creditor Seeks Winding Up
-------------------------------------------------
Notice is hereby given that United Overseas Bank Limited, a
creditor of Virajaya International Pte Limited, filed a winding
up petition against the Company on Aug. 29, 2005.
The Petition is directed to be heard before the Court sitting at
the High Court on Sept. 23, 2005, 10:00 a.m.
Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the petition may appear at
the time of hearing by themselves or their Counsel for that
purpose.
A copy of the Petition will be furnished to any creditor or
contributory of the Company requiring the copy of the Petition
by the undersigned on payment of the regulated charge for the
same.
The Petitioner's address is 80 Raffles Place, UOB Plaza 1, 12th
Floor, Singapore 048624.
The Petitioner's solicitor is Messrs Tan Kok Quan Partnership of
No. 5 Shenton Way, Level 29 UIC Building, Singapore 068808.
Dated this 1st day of September 2005
Messrs Tan Kok Quan Partnership
Solicitors for the Petitioner
Note:
Any person who intends to appear at the hearing of the Petition
must serve on or send by post to the solicitors for the
Petitioner, Notice in writing of his intention to do so. The
Notice must state the name and address of the person, or,
if a firm, the name and address of the firm, and must be signed
by the person or firm, or his or their solicitor (if any) and
must be served, or, if posted, must be sent by post in
sufficient time to reach the solicitors not later than 12:00
p.m. of Sept. 22, 2005 (the day before the day appointed for the
hearing of the Petition).
===============
T H A I L A N D
===============
DAIDOMON: Court to Decide on Petition September 30
--------------------------------------------------
Daidomon Group Public Co. Ltd. informed the Stock Exchange of
Thailand (SET) that the Central Bankruptcy Court set the hearing
for Business Rehabilitation on September 12, 2005.
In addition, the Court set September 30, 2005 at 9:00 a.m. as
the court hearing to read its decision on the said petition.
Please be informed accordingly.
With kind regards,
Pudhimate Lterdwiriyasate
Executive Director
CONTACT:
Datamat Public Company Limited
Asoke Towers, Floor 17, 18 And 19,
219 Soi Asoke (Sukhumvit 21),
Sukhumvit Road, Klongtoey Nua,
Watthana Bangkok
Telephone: 0-2310-5111
Fax: 0-2319-8208
Web site: http://www.datamat.co.th
HANTEX: Gets Court Nod to Undergo Business Rehabilitation
---------------------------------------------------------
Hantex Public Co. Ltd. informed the Stock Exchange of Thailand
(SET) that the Central Bankruptcy Court has ordered the company
to undergo rehabilitation. The court also ordered the
appointment of the company as the planner for its
rehabilitation.
Please acknowledge.
Sincerely yours,
Mr. Monchai Pongstabadee
Director
CONTACT:
Hantex Public Company Limited
Ocean Tower 1, Floor 4,
170/9-10 Rajadapisek Road,
Khlong Toei Bangkok
Telephone: 0-2261-2814-20, 0-2261-2824-26
Fax: 0-2261-2822
SINO-THAI RESOURCES: Details Directors' Resignation, Appointment
----------------------------------------------------------------
Sino-Thai Resources Development Public Company Limited (STRD)
issued to the Stock Exchange of Thailand (SET) a report on the
resolution of the Board of Directors Meeting held on September
12, 2005.
(1) Accepted the resignation of Lt. Somsak Yamasamit as
Independent Director and Audit Committee chairman effective
September 12, 2005.
(2) Approved the appointment of Lt. Somsak Yamasamit as the
Director of the Company by replacing of the registered Director
effective September 12, 2005.
(3) Approved the appointment of Mr. Pathom Panichayanusont as
the Independent Director and Audit Committee of the company by
replacing the registered Director effective September 12, 2005.
(4) Approved the appointment of Lt. General Sittisak Taypasit,
Independent Director and Audit Committee, as the Audit Committee
Chairman of the Company by replacing of Lt. Somsak Yamasamit,
the Audit Committee Chairman effective September 12, 2005.
(5) Approved the amendment of Authority of Directors as follows:
Any two of four directors of Mr. Suthisak Lohsawat, Mr. Yongyut
Manathamphaibool, Mr. Umyos Huvanandana, and Lt. Somsak
yamasamit may jointly sign together with the Company's seal
affixed.
(6) Approved the moving of new company address to Lumpini Tower,
3rd B Floor, 1168/110-112 Rama IV Road, Thungmahamek, Sathorn,
Bangkok 10120. Telephone: 0-2679-9759-62, Fax: 0-2679-9763
effective September 13, 2005.
(7) Approved the new branch of the company to 33 Moo 5 Suksawad
Road, Bang Kru Sub District, PhraPradaeng, Samut Prakan Province
10130. Telephone: 0-2464-0522, Fax: 0-2819-3033 that is
effective September 13, 2005.
Pleas be inform accordingly.
Sincerely yours,
Umyos Huvanandana
Managing Director
For more information, click
http://bankrupt.com/misc/SinoThaiResources091305.pdf
CONTACT:
Sino-Thai Resources Development Public Co., Ltd.
Shinawatra Thai Tower, Floor 7, Zone A,
626 Rama Iv Road, Mahapruttharam, Bang Rak Bangkok
Telephone: 0-2633-0088
Fax: 0-2633-0008
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito and Erica Fernando, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers. Information
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The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each. For subscription
information, contact Christopher Beard at 240/629-3300.
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